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GOLD overview 29.01.2021

Gold rises on safe haven demand.

Gold under bullish pressure today amid the strong safe haven demand as the result of the on-going retail versus hedge fund faceoff in USA with millions of retail traders trying to corner the heavily GME-short hedge fund giant Melvin. The success of the millions of small but strongly organised retail vs heavily capitalised long-running institutions traders is sending the worries across the USA and global equity markets forcing the fall of the indexes. The other factor adding to the bullish pressure on gold as the strong store of value is the doubts over European vaccine supply after production disruptions encountered by AstraZeneca.

Expect buyers on downward corrections.

Next resistance to watch – 1874.00

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