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  • 🇧🇷 Unemployment Rate (NOV) Actual: 14.1% Expected: 14% Previous: 14.3% https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇲🇽 Balance of Trade (DEC) Actual: $4.154B Expected: $4.6B Previous: $3.032B https://www.dailyfx.com/economic-calendar#2021-01-28
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  • Heads Up:🇲🇽 Balance of Trade (DEC) due at 12:00 GMT (15min) Expected: $4.6B Previous: $3.032B https://www.dailyfx.com/economic-calendar#2021-01-28
  • Heads Up:🇧🇷 Unemployment Rate (NOV) due at 12:00 GMT (15min) Expected: 14% Previous: 14.3% https://www.dailyfx.com/economic-calendar#2021-01-28
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.16% Oil - US Crude: -0.14% Gold: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/uhhx9WdVgX
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  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.02% 🇨🇭CHF: -0.12% 🇬🇧GBP: -0.13% 🇨🇦CAD: -0.37% 🇳🇿NZD: -0.40% 🇦🇺AUD: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/kZeDRkkVU2
Gold Remains Pinned to Channel Support

Gold Remains Pinned to Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Remains Pinned to Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: “Gold’s rebound from the 61.8% retracement of the rally from 1522 and former resistance (June-August 2012 highs) is constructive but the near term picture is defined by roughly 1650 and 1700. A break of that zone will present the next directional opportunity.” The rebound from near term channel support highlights why it’s important to wait for a break of the January low before turning bearish.

Commodity Trading Strategy: Flat

LEVELS: 1590 1626 1639 1654 1685 1697

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