Gold 20 January 2021

Gold is trading higher on a weak US dollar. The yellow metals short term trend is neutral as long as resistance $1868 holds.  The chance of more stimulus has increased after Janet Yellen said the US must act big.  The US 10-year yield has lost more than 3% after Janet Yellen confirmed that tax cuts implemented in 2017 will be revoked. US dollar indexs significant bullishness only if it breaks 91 levels.


Technical:
The yellow metal facing strong support at $1838, violation below targets $1830/$1823/$1818 (61.8% fib)/$1800.

Significant trend reversal only below $1800.On the higher side, near term resistance is around $1856, any indicative break above that level will take till $1867/$1874/$1880.

It is good to buy on dips around 1820-1840 with SL around $1800 for the TP of $1880.

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