Daily Technical Analysis January 22th 2024

1. GBP/USD Analysis:

News Summary:

British retail data showed that retailing sales fell by 3.2% month-on-month in December last year, which increased the possibility of a winter recession in UK. Excluding epidemic period, the last time there was a larger monthly decline was in June 2008 during the financial crisis. In fact, the fall in retail sales appears to have reduced GDP by 0.04% in the fourth quarter.

Trend Analysis:

We can see GBP/USD continued to rebound and broke through the 48 hours moving average. The MACD double line and energy column spread again below the zero axis on H4 chart. The current technical structure is to set sell limit, stop loss is necessary.

Today's Key Price Levels:

Key Support Levels: [1.2600]

Key Resistance Levels: [1.2830]

Pivot Points [1.2770]

2. Gold Analysis:

News Summary:

Expectations are down significantly compared to last week. With economic data providing little guidance on US monetary policy, gold price is not expected to break this pattern anytime soon. Investors seem to satisfy with holding risky assets, however, the market currently believes that the possibility of an interest rate cut in March has dropped to less than 50%. It means the gold would keep oscillating.

Trend Analysis:

We can see gold fluctuates within a narrow range, and but it still runs near 48 hours moving average. In addition, the MACD double line and the energy column is shrinking near the zero axis, which does not rule out further retracement in price.

Today's Key Price Levels:

Key Support Levels: [2000]

Key Resistance Levels: [2047]

Pivot Points [2035]

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