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Gold keeps falling amid rising risk sentiment

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Gold (XAU/USD) is holding onto the critical $1800 support so far this Wednesday. The yellow metal is set to extend the bearish momentum in response to the shift in the market’s perception towards the riskier assets. Attention turns towards a batch of critical US economic data and FOMC minutes due on the cards later in the day for fresh cues.

The underlying theme hinges on the expectations of a quicker global economic recovery from the pandemic blow, thanks to rapid development in the coronavirus vaccines on both sides of the Atlantic. Meanwhile, strong US Markit Manufacturing and Services PMIs released earlier this week added credence to the upbeat outlook on the economic rebound, which calls for lower demand for additional monetary and fiscal stimulus, eventually exacerbating the pain in the precious metal.

Markets also cheer the easing US political uncertainty after President-elect Joe Biden kicked off his White Transition and rested the odds of a contested election. The Wall Street stocks rallied to record highs on the dual optimism and downed the non-yielding gold demand.

The short-term outlook for gold remains bearish.

The price stalls its recovery and turns south once again, although it holds well above the critical 200-daily moving average (DMA) support at $1798.

The 14-day Relative Strength Index (RSI) trends in the bearish region but not oversold yet, suggesting that there is more room to the downside. Acceptance below the 200-DMA support could trigger a sharp drop towards the May 18 high of $1765.

Meanwhile, the bearish bias remains intact so long as the metal stays below the fierce support now resistance at $1850.

Gold has confirmed a bear flag breakdown on the hourly sticks earlier in the Asian session. The price now attempts a bounce along with the hourly Relative Strength Index (RSI).

But the bulls are likely to face stiff resistance at the confluence of the pattern support and bearish 21-hourly moving average (HMA) at $1808. Further up, the pattern resistance at $1814 could be challenged.

To the downside, sellers will aim for the measured target at $1777 on a breach of the crucial support around $1800-$1798 levels.

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Bahar Muradova meets with Jordanian ambassador

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Chairperson of the State Committee for Family, Women, and Children Bahar Muradova met with the Ambassador of the Hashemite Kingdom of Jordan to Azerbaijan, Sami Asem Ghosheh, on January 21.

The committee told Report that Bahar Muradova expressed her gratitude for the meeting initiative and noted that cooperation between the two countries has historical roots.

The committee chairperson added that these relations were developing steadily and created opportunities for the further advancement of existing cooperation between the relevant agencies of the countries.

Informing about the historic victory of Azerbaijan, Muradova expressed hope that the position of both the Non-Aligned Movement and the Organization of Islamic Cooperation during the 44 days of the hostilities will continue in the post-war period. She expressed confidence that friendly relations will play an important role.

Expressing gratitude to the committee chairperson for the warm reception, Ambassador Sami Asem Ghosheh noted that the friendship between the two nations laid by National Leader of the Azerbaijani people Heydar Aliyev and Jordan's leader, the late King Hussein further strengthened owing to the sincere brotherhood between head of the Azerbaijani state Ilham Aliyev and King of Jordan Abdullah bin Hussein II.

The diplomat stressed that friendly and fraternal relations between Azerbaijan and Jordan are based on common traditions and Islamic values and underlined the importance of developing cooperation between our countries in the issues of family, women, and children, just like in other areas. Citing the projects implemented by the committee in this field as an example, Ambassador Ghosheh stressed his country's interest in holding joint events with Azerbaijan in the coming years.

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Footage from Kendyeri village of Kalbajar region

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Defense Ministry has released a video footage of the Kendyeri village of the Kalbajar region.

Report presents the footage:

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Fatih Dönmez: “Turkey and Azerbaijan are negotiating new projects”

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About 9.1 billion cubic meters of natural gas have been transported via the Trans-Anatolian Gas Pipeline (TANAP).

Report informs referring to the Turkish media, Turkish Minister of Energy and Natural Resources Fatih Dönmez said.

According to him, 4.9 billion cubic meters of natural gas was transported via TANAP in 2020: "On the one hand, TANAP provides significant support to the security of our country's natural gas needs, and on the other hand, it has become a leading provider of European demand. The strategic importance of TANAP and Azerbaijani gas will increase together with the Trans-Adriatic Pipeline (TAP).

The minister said that 24 percent of Turkey's natural gas imports last year fell to Azerbaijan. "We are cooperating in projects that will ensure the safe use of Azerbaijani natural gas, as well as projects that will deliver this gas to international markets."

Dönmez noted that new projects are being discussed between Turkey and Azerbaijan, especially in the fields of technology, education, and energy: "Work has already begun in this regard."

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