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18.01.202116:26 Forex Analysis & Reviews: Analysis of Gold for January 18,.2021 - Potential reversion to the mean towards $1.863

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S stock and bond markets are closed today so trading will be lighter, especially once London clocks off.

Expect continuing US political headlines as Biden nears inauguration on Wednesday. Tomorrow, eyes will be on Trump as he's expected to issue up to 100 Presidential pardons.

Canadian markets are open though and digesting reports that Biden will cancel the Presidential permit for Keystone XL on his first day in office. That's not a surprise but the loonie is the laggard today because of it.

Further Development

Analyzing the current trading chart of Gold, I found that sellers got exhausted on the way down at the price of $1,800.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lean Hogs and Feeder Cattle today and on the bottom Natural Gas and Lumber.

Gold is one of the relative strength leaders today, which is positive for further rally....

Key Levels:

Resistances: 1,863, $1,922 and $1,957.

Support level: $1,800

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