What's the upside target for gold now? Read the article and set your levels for the previous metal.
GBP: bullish trend under question
2021-01-15 • Updated
Ichimoku Kinko Hyo
GBP/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAU/USD: Gold after a remarkable selloff is trading above the 23.6% retracement area.
US Market View
President-elect Joe Biden is expected to announce a $2 trillion coronavirus relief plan at a speaking event after the US market closes today, which has lifted sentiment and boosted Treasury yields. Contracts on the NASDAQ were the only ones slightly in the red, as they do better when there are increased rates of COVID-19 infections or additional lockdowns are announced. Technology shares have significantly benefited from the work-from-home environment. Stocks advanced Wednesday on Wall Street, while yields receded for the second session, posting the sharpest decrease in five weeks, amid optimism the economy will be boosted by ongoing Quantitative Easing from the Federal Reserve. Oil surprisingly declined after data demonstrated shrinking stockpiles in the US.
USA Key Point
- Gold continues to hang on at the 200-day moving average
- Eurozone November trade balance €25.1 billion vs €22.0 billion expected
- France toughens coronavirus testing rules for non-EU travelers
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