FX.co ★ Analysis of Gold for January 13,.2021 - Potential for the another downside swing ttowards $1.819 and $1.770

UK PM Johnson: I don't rule out tightening restrictions

Comments by UK prime minister, Boris Johnson

• These are early days to see impact of virus measures
• We keep restrictions under constant review

Although the vaccine rollout is underway, the rising death count and hospitalisations are still posing a challenge for the UK as of late. That will likely keep tighter restrictions in place and drag Q1 economic conditions, adding to the post-Brexit challenge.

Further Development

Analyzing the current trading chart of Gold, I found that there is the rejection of the key pivot level at $1,860 and there is potential for potential downside movement towards $1,819 and $1,770.

Stochastic oscillator is showing overbought condition and fresh bear cross, which is another sign for the downside continuation.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Corn and Wheat today and on the bottom Ethanol and Canola.

Key Levels:

Resistance: $1,860

Support levels:$1,819 and $1,770.