💡 GOLD: Forecast January 5

Gold's 4-day losing streak could not continue yesterday, after the price rebounded. However, the rising bar D1 yesterday had a narrow amplitude, had a long shadow above and closed below 1/2, thereby showing that the upward pressure was weak. This D1 bar is also located inside the previous D1 bar to create an inside bar model, and has the narrowest amplitude among recent D1 bars, forming a Narrow Range bar. Combo price action inside bar + Narrow Range Bar suggests the possibility that D1 gold is about to have strong fluctuations. The chart structure is sideways with a bullish bias.

H1 gold did not continue its downward trend but moved sideways yesterday. The current upswing can create a structure of 02 upswings, which is a complex retracement structure. You can wait for the current uptrend to balance with the previous uptrend and then sell down again.

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Experts remain optimistic about gold in the medium term, saying that sooner or later the Fed will have to cut interest rates. In the minutes of the last meeting of 2023 released recently, Fed officials said that inflationary pressures were easing and expressed concern that "overly restrictive" monetary policy would pose a threat. for the economy.

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