Gold Price Rebounds Near $1,280

January 21, GKFX – Following a drop to its lowest level since late December at $1276, the XAUUSD pair staged a modest recovery in the last hour and was last seen trading near $1280, where it was down $0.8, or 0.06% on a daily basis.

Since failing to rise above the critical $1300 mark earlier this month, the XAUUSD pair has been moving up and down in a consolidation channel with the $1275 handle forming a strong base.

Although today's GDP data from China confirmed the economic slowdown in the world's second-biggest economy, a higher-than-expected growth in industrial production helped ease concerns and didn't allow markets to start the week in a dismal mood.

US Dollar Index clings to small gains above 96

Meanwhile, with the U.S. bond and stock markets remaining closed due to the Martin Luther King Jr. Day holiday on Monday, the greenback stays relatively quiet and sits comfortably above the 96 mark, keeping the modest bearish pressure on the pair alive. As of writing, the DXY was clinging to small gains at 96.39.

Gold price technical analysis


    Today Last Price: 1280

    Today Daily change: -0.80 pips

    Today Daily change %: -0.06%

    Today Daily Open: 1280.8


    Daily SMA20: 1283.9

    Daily SMA50: 1252.63

    Daily SMA100: 1233

    Daily SMA200: 1228.8


    Previous Daily High: 1292.56

    Previous Daily Low: 1280.65

    Previous Weekly High: 1295.9

    Previous Weekly Low: 1276.2

    Previous Monthly High: 1284.7

    Previous Monthly Low: 1221.39

    Daily Fibonacci 38.2%: 1285.2

    Daily Fibonacci 61.8%: 1288.01

    Daily Pivot Point S1: 1276.78

    Daily Pivot Point S2: 1272.76

    Daily Pivot Point S3: 1264.88

    Daily Pivot Point R1: 1288.69

    Daily Pivot Point R2: 1296.57

    Daily Pivot Point R3: 1300.59


This article was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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