FX.co ★ Analysis of Gold for February 03,.2021 - Downside towards $1.803 is expected

Prior -4.1%

• Market index 981.1 vs 907.6 prior
• Purchase index 334.6 vs 334.2 prior
• Refinancing index 4,746.2 vs 4,261.5 prior
• 30-year mortgage rate 2.92% vs 2.95% prior

The jump in the past week owes much to a spike in refinancing activity but purchases in general also continue to hold up. That continues to reflect stronger housing market conditions in general, as has been the case with rates being this low.

Further Development

Analyzing the current trading chart of Gold, I found that there is still potential for the drop on the Gold and test of $1,803.

Key Levels:

Resistance: $1,842

Support levels: $1,830 and $1,80