Gold Moves in Stiff Boundaries, A Sustained Close Above $1,822 on H1 chart requires for Upside Rally; Jan 17, 2022

Today’s U.S. session is empty as U.S. banks will be closed in observance of Martin Luther King Day but during the U.S. session Gold may give enough volatility to take the advantage of FX Trading.

In addition, Key Headline to keep in Mind while Trading in FX Markets:

  • China’s President Xi – The World Today Is Undergoing Major Changes.
  • China’s President Xi – World Has Found Itself In A New Period Of Turbulence And Transformation.
  • China’s President Xi – Global Inflation Risks Are Emerging.
  • China’s President Xi – Overall Momentum Of China’s Economy Is Sound.
  • Sterling dropped sharply in last session as U.K. Prime Minister Johnson is portrayed as partying away in the garden of Number 10 Downing Street while the rest of the UK was in lockdowns. Due to that event U.K. PM Johnson likely to quit his job.
  • U.K. PM’s two likely replacements will be the Present Chancellor of the Exchequer Rishi Sunak or Foreign Secretary Liz Truss.
  • The Chairman of global banking giant Credit Suisse, Antonio Horta-Osorio, has resigned with immediate effect after breaking Covid quarantine rules. He breached Covid rules last year, including by attending the Wimbledon tennis finals.

Technical View:

XAU/USD (Gold):

  • The Gold trades marginally higher on Monday and stabilises around $1,820 mark.
  • Today pair made intraday high at $1,823 and low at $1,813 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,822 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,814 will check further supports.
$1,812 $1,827
$1,806 $1,832
$1,794 $1,842
$1,789 $1,849

Take a look and do trade wisely!
Good Luck