It’s rather unlikely that right now – AFTER the daily rally – we are at a favorable moment to go long or to close the short positions. rally looks bullish, taking a look at the situation from a broad perspective provides us with the opposite – bearish – implications. The RSI was above 60, a short-term rally that was preceded by a bigger decline, and a strong daily rally on huge volume at the end of the corrective rally. In the case of gold, we see something similar, but this time, the rally is visibly smaller. All in all, we saw a rally, but it’s unlikely to be the start of a bigger rally.

Source: The Guardian January 21, 2022 13:39 UTC