Gold Short & Long Term Forecast: Bullish In January

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold price is expected to breakout of the upper channel of the bullish wedge in this next few days (likely 5 days) with possibility of pulling back to test bullish order candle at 1885. Any rejection here will later expose the price of the metal to the next strong resistance level at 1965. On the short term, gold likely to test 1965 and if price breakout/violate this level; gold will be targeting 2030.

On medium- to long-term, gold performance in 2021 will be indirectly proportional to dollar, US inflation & COVID-19 vaccines "Actual" performances.

Medium term, we say dollar index breaking out of the ascending trendline that has held the price since 2011 and now in search of support level . This could indicate a further fall in dollar. Couple with US minting of USD. This will continue to de-evaluate dollar, increase inflation and as a result gold will continue to do well.

If COVID vaccines becomes more effective as many people are administered with the vaccines, then this will likely affect gold in negative way. However, a fall below the Pfizer ( PFE ) and Moderna ( MRNA ) benchmark of 95% will see gold price rally upward to an unprecedented level in the nearest future.

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