FX.co - Analysis of Gold for March 23,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

2021-03-23T12:34:26

Relevance until2021-03-24

Analysis of Gold for March 23,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

UK March CBI trends total orders -5 vs -20 expected

Trends selling prices 20
Prior 3

The headline reading shows factory orders balance jumping to a near two-year high, as it is the highest since April 2019. Meanwhile, output expectations balance was seen at 30 - up from -2 in February - and that is the highest since August 2017.

Further Development

Analysis of Gold for March 23,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

Analyzing the current trading chart of Gold, I found that there is potential for the second downside leg and more downside movement.

Key Levels:

Resistance: $1,746

Support levels: $1,700 and $1,679.

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

#Technical analysis #Gold #Commodity #Oil ##CL

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2025

FX.co ★ Analysis of Gold for March 23,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

Forex Analysis

Analysis of Gold for March 23,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700