Spot gold rises, however, there are still many hurdles to clear

January 13, 2021 - 1 week ago
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The precious yellow metal puts in another bullish performance but still not enough to dent the recent 89 dollar sell-off from Friday.

Democrats in the U.S. House of Representatives, meanwhile, on Monday introduced an article of impeachment against Trump, charging him with “incitement of insurrection” following last week’s deadly invasion of the Capitol.

Meanwhile, Vice President Mike Pence said Tuesday night he will not remove President Donald Trump from office, shortly before a House vote to call on him and the Cabinet to invoke the 25th Amendment.

The Democratic-held chamber will vote Tuesday night to call on the executive branch to push Trump out of the White House.

House Speaker Nancy Pelosi, D-Calif., had pressed Pence on whether he would remove the president.

She said that if the vice president did not act, the chamber would vote Wednesday to make Trump the first president ever impeached twice.

“I do not believe that such a course of action is in the best interest of our Nation or consistent with our Constitution,” Pence wrote in a letter to Pelosi, which did not mention Trump’s name.

Viewing the technical standpoint, the Relative Strength Index (RSI) 3-day ‘lookback’ indicator currently in climbing out of the oversold territory, while the Moving Average Convergence Divergence (MACD), supports a negative signal.

While the resistance holds from $1,868-78, the bearish sentiment holds.

A New York close beneath $1,820 could ignite a move to the region of $1,765-80.

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