For Traders

Analytical Reviews

Technical analysis

06.01.202114:41 Forex Analysis & Reviews: Analysis of Gold for January 06,.2021 - Upside target at $1959 has been reached and potenttial for the next upside target at $2.010

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Prior -5.8%*

Market index 827.2 vs 813.7 prior*
Purchase index 313.8 vs 318.8 prior*
Refinancing index 3,917.6 vs 3,803.2 prior*
30-year mortgage rate 2.86% vs 2.90% prior*

*data week ending 25 December

A modest jump in mortgage activity but this owes more to refinancing than purchases. That said, purchase activity continues to keep at a solid level and that trend in the housing market is likely to continue as rates remain lower for the time being.

Further Development

Analyzing the current trading chart of Gold, I found that Gold tested our first upside target at $1,959 and that is probably heading towards the second target at $2,010.

My advice is to watch for buying opportunities on the dips with the next target at $2,010..

Stochastic oscillator is in overbought zone so there is chance for the pullback first.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Live Cattle and Rusell 2000 today and on the bottom Ethanol and Lumber.

Gold is negative for today but I see no bigger reversal.

Key Levels:

Resistance: $1,959 and $2,010

Support level: $1,941

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.