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    GOLDWELL:Daily Market Recap - GOLD Surges at the start of the new year

    外汇天眼   |   2021-01-05 10:12:01

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    摘要:Gold prices got off on a strong foot at the start of the new year, reaching an 8-week high just short of the 1,945 per ounce mark.

    Gold prices got off on a strong foot at the start of the new year, reaching an 8-week high just short of the 1,945 per ounce mark. The yellow metal was supported by a weakening dollar and an uptick in US Treasury yields.



    Gold has now almost retraced its entire range since its November 9th crash sparked by the discovery of a covid-19 vaccine. The optimism of the discovery drove down safe-haven assets as investors made a bet on a speedy economic recovery.


    That said, the rollout of the vaccine hasnt gone as planned with target misses in the EU and especially the US, where the target of getting 20 million Americans vaccinated before the end of 2020 fell well short, with only about 4.6 million receiving the shot.


    Furthermore, the resurgence in covid-19 cases in the UK and Japan have led both governments to consider issuing a state of emergency. The UK has already instated its highest alert level as rumors start to spread over another full lockdown in the coming days.


    With the slow rate of vaccination and rapidly rising covid-19 infections, monetary policy analysts are already expecting further relief packages in the near future to help prop up the fragile economic recovery. Consequently, re-inflation speculation over added stimulus measures has helped support demand gold.

    From a technical viewpoint, gold prices are trading in a wide bracket after having leaped well above the 1,900 level which helped cap previous attempts at breaking out. The clear upside target will be a return to November 9th levels around 1,962.27. Price action is suggesting strong momentum is favoring a push further.



    圖片.png

    (Chart Source: Tradingview 04.01.2021)


    Though gold may be stretching itself thin after such a large rally. The RSI is about to enter overbought territory indicating a downward correction can be expected in the near term. With room to drop, gold bears will be eyeing the area between 1,908.95 and 1,920 should prices pullback.

    Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.

    特别声明:本文为天眼自媒体平台“天眼号”作者上传并发布,仅代表该作者观点。天眼仅提供信息发布平台。

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