Market Analysis- January 11th
Gold bullish strength moves on the sidelines. The bullish trend in gold is currently moving on the sidelines as buyers lack the tenacity to accelerate at a faster pace. Despite gold hanging on to its bullish sentiment, the buying momentum has been slowed down. Since last year, buyers have maintained a structured effort within an uptrend channel.
Gold (XAUUSD) Important Zones
Resistance Zones: 2147.580, 2091.370
Support Zones: 1934.080, 1856.630
Gold (XAUUSD) Long-Term Trend: Bullish
Gold experienced a strong surge against the dollar, rising from the critical zone of 1809.000. The buyer sentiment led to a more bullish demonstration within the uptrend channel. Towards the end of last year, buyers reached the significant zone of 2091.370. However, sellers initiated a downward pursuit, and the price is now testing the important level of 2014.070.
The momentum of the bulls is fading, despite them still being in control. This has allowed sellers to drive the price lower for a while. Currently, buyers are building strong opposition to fight back. The Bulls will need to increase their pace to make solid progress once again.
Gold (XAUUSD) Short-Term Trend: Bullish
The Price Oscillator indicator is showing a bullish acceleration in a declining state. This indicates that the buying momentum will need stronger fuel for the race. Although the buyers may be facing a rough start, more pressure is certain to build.
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