Illustration photo of Gold Price H4 Chart from fxempire.com
Concerns about COVID-19 vaccinations and the capital for stimulus measures by the U.S. Treasury has become the primary focus of market participants and traders.
These concerns were expressed in today’s financial markets activities. The Dow Jones, although recovered from its lows in today’s trade, still lost 382 points. Meanwhile, the NASDAQ and S&P 500 lost 1.47% and 1.49% respectively.
It is this type of strong bearish sentiment and selling of U.S. equities that highlights market participants’ real concern - economic recovery could take longer than expected. Couple that with the U.S. Treasury’s enormous expenditures and the Federal Reserve’s monetary policy make for the perfect scenario for gold prices to rise.
A technical basis market action today gave traders confirmation that the bullish trend is intact and has the energy to sustain rising prices. The first hint is gold opening just above their 100-day moving average, fixed at $1901.70 currently.
The dramatic rise for gold shows a real potential for the current rally to gain momentum.
FOLLOWME XAU/USD Overall Sentiment (As of 5:32 p.m., Jan 6, 2021)
Short - 56.20%
Long - 43.80%
Source: fxempire.com
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