FX.co ★ Analysis of Gold for February 18,.2021 - Potetnial for another drop on the Gold towards $1.763

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 recovery

That'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