Spot gold struggles to recapture upward momentum

January 14, 2021 - 6 days ago
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The precious yellow metal ended mixed overnight, ahead of U.S. President-elect Joe Biden when he is expected on Thursday to release details of his plan to support the economy, that could include bigger cash payments to most Americans, while data showing U.S. consumer prices rose solidly in December bolstered bets of higher inflation.

Meanwhile, political uncertainty continues to engulf Washington as Congress began President Donald Trump’s impeachment hearings.

On Wednesday, the House of Representatives made Donald Trump the first U.S. president ever to be impeached twice, formally charging him with inciting an insurrection just a week after a violent mob of his supporters stormed the Capitol.

It marked the first time in the 231-year history of the United States that a president has been impeached twice in his term.

The impeachment article, for “incitement of insurrection,” was adopted by the Democratic-controlled House, 232 to 197, after several hours of debate.

Viewing the technical standpoint, the Relative Strength Index (RSI) 3-day ‘lookback’ indicator is holding beneath the 50-midway point, 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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