FX.co ★ Analysis of Gold for January 08,.2021 - Potetnial completion of the ABC correction and upside movement towards $1.927

Bloomberg reports on the matter

The report cites people familiar with the Moderna approval process, in saying that the UK is reviewing the vaccine on an accelerated timetable and are poised to authorise it for emergency use as soon as Friday.

This will be the third vaccine set to be approved by the UK to combat the coronavirus but the Moderna doses may not be made available in the UK until April due to Brexit.

For some context, the Moderna order was made through the EU at the time with the UK set to receive 7 million doses and deliveries for the vaccine will not begin until early April.

Further Development

Analyzing the current trading chart of Gold, I found that there is potential for the completion of the ABC and upside continuation.

Stochastic oscillator is showing oversold condition on the 4H time-frame, which is another indication for the upside movement.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lumber and Nikkei 225 today and on the bottom Ethanol and Natural Gas.

Key Levels:

Resistance: 1,910 and $1,927

Support level: $1,875