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FX.co ★ Analysis of Gold for February 23,.2021 - Upside correction in progress with potential for the downside breakout and test of $1.765

Analysis of Gold for February 23,.2021 - Upside correction in progress with potential for the downside breakout and test of $1.765

Eurozone January final core CPI +1.4% vs +1.4% y/y prelim

CPI +0.9% vs +0.9% y/y prelim

That said, it needs to be put into context as the German VAT changes and CO2 tax introduction has played a key role in inflating the numbers to start the new year.

Further Development

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Analysis of Gold for February 23,.2021 - Upside correction in progress with potential for the downside breakout and test of $1.765

Analyzing the current trading chart of Gold, I found that Gold is working in the upside channeling mode but it looks very corrective.

Key resistance is set at $1,820

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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