FX.co ★ Analysis of Gold for March 04,.2021 - Watch for selling opportunities with the downside target at $1.680

• Prior +2.0%; revised to +1.8%
• Retail sales -6.4% vs -1.2% y/y expected
• Prior +0.6%; revised to +0.9%

Eurozone retail sales fell sharper than expected as virus restrictions and muted winter sales led to depressed consumption activity in general to start the year.

Looking at the details, sales for food, drinks and tobacco rose by 1.1% on the month but non-food products (ex fuel) fell sharply by 12.0% on the month in January.

Further Development

Analyzing the current trading chart of Gold, I found that Gold tested my yesterday's target at the price of $1,708 but there is potential for further downside movement.

My advice is still to focus on selling opportunities on the rallies with the next downside target at $1,680 and $1,670.

Key Levels:

Resistance: $1,725

Support levels: $1,680 and $1,670