Baxia Markets
January 06, 2022

Gold recovers some ground

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The precious metal continues its uptrend after taking a 1.53% hit two sessions ago, the price is struggling to stay above the 38.2% Fibonacci retracement at $1,817.77 and will possibly move more aggressively in the upcoming sessions.


The Bollinger bands continue to open and move up which indicates an uptrend, however, the price is trading closer to the upper band and that could send it back below the resistance level, if the bands continue opening aggressively then we might have a Gold rally in the short term.


Gold Jan 1st 2022


The relative strength index is at 56% which will allow the pair to continue moving upwards in the short to mid-term, the price is exiting the Ichimoku cloud which is a good sign that the uptrend could continue.


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