January Technical Report - Precious Metals Analysis

Gold closed 2021 a little higher, with a two-phase rally distinguished by short covering in the period from mid-December through to early January, with new longs arriving in late December. The first half of January witnessed long liquidation as CME Managed Money longs declined.

Technically, the gold price has recovered and there may be short term bearishness based on targets. There is a chance the current barrier for gold will decline to US$1,835 by early February however, which means gold has less of a barrier to push through to start looking bullish again.

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