Gold started the new year, over the bullish flag. If the XAUSD can stay above the upper line of the bullish flag (currently at 1902) a new wave of bullishness may follow. Two previous bullish flags initiated %21.96 and %15.29 upside moves in the 2019-2020 period.
Gold is supported by the possibility of 2 democrat senators from Georgia which may cause the increase of stimulus package and government spending for the next term.
Gold has the favor of seasonality as well. For the last 10 years, XAUUSD’s best month was January. Gold stayed positive except only in 2011 and 2013. Average of 10 years rise is %3.80.