Analysis of Gold for February 18,.2021 - Potetnial for another drop on the Gold towards $1.763
BOE's Saunders: UK economy has significant spare capacity Comments by BOE policymaker, Michael Saunders Unemployment to rise when furlough ends Furlough has helped to limit unemployment level Elevated unemployment would be a sign that UK has too much spare capacity That would push inflation back below target Sees factors that could cause a slow, incomplete recoveryThat's a bit more of a dovish take on the outlook for the labour market, but we'll get a better idea if and when the government decides to remove the furlough program - currently set to run until the end of April at least.
Further Development
Analyzing the current trading chart of Gold, I found that the buyers got exhausted today and that buyers are ready for the new downside wave.
Key Levels:
Resistance: $1,785
Support level: $1,763