FX.co ★ Analysis of Gold for January 14,.2021 - Rejection of the main pivot support at $1.827 and potential for the rally into the $1.851 and $1.860

All members agreed that additional support was needed

• Uncertainty remains high and positive sentiment could erode quickly
• It was widely considered appropriate and proportional to increase the horizon of net purchases under PEPP
• Risks of an unanchoring of inflation expectations were salient
• Some argument were also made in favour of a larger PEPP envelope
• Concerns were voiced over risks related to developments in the exchange rate

Besides more suggestions that ECB policymakers are keeping a watchful eye on the euro, the discussion on PEPP was largely in line with what was reported last month. All in all, there isn't much here at first glance to suggest a change in the ECB narrative for now.

Further Development

Analyzing the current trading chart of Gold, I found that there is test and reject of the key pivot support level at the price of $1,827, which is good sign for the further rally.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Ethanol and Lumber today and on the bottom Canola nad Lean Hogs.

Key Lvels:

Resistance: $1,581 and $1,860

Support level: $1,827