The ECB Monetary Policy Meeting Accounts will be released at 14:30 MT on January 16
Gold has slumped, now in correction
During Thursday, gold has dropped to the level of 1465.00, unseen for more than a month. On the H4 chart of XAU/USD, we see it is just one step away from the strong support level of 1462.00. The main factor driving the depreciation of the precious metal is better prospects of the global economic outlook. The China-US trade deal is nearing, and the two countries agreed to roll back tariffs mutually. Consequently, gold has suffered due to a potential drop in demand because of clearer global economic perspectives. The bears would use this as an excellent opportunity. However, Thursday evening and today morning show correction in the price. At the same time, the RSI indicator is inching into the oversold level of 30% bottom-up. So watch out – there may be an interesting opportunity for the bulls, with the closest resistance levels of 1484.14, 1491.74 and 1495.87 on their way.
We expect the US-China phase one trade deal to be signed on Wednesday and multiple important indicators for the USD. Plus, it is the first week of the earnings reports
The British yearly CPI will be released at 11:30 MT on January 15
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The Bank of Canada (BOC) will release its rate statement alongside the monetary policy report during its meeting on January 22 at 17:00 MT time.
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