FX.co ★ Analysis of Gold for April 12,.2021 - Brekaout of the mini upside Pitchfork channle and potential for more downside towards $1.721

Eurozone February retail sales +3.0% vs +1.7% m/m expected

Latest data released by Eurostat - 12 April 2021Prior -5.9%; revised to -5.2%Retail sales -2.9% vs -5.3% y/y expectedPrior -6.4%; revised to -5.2%After more subdued January activity, which was also impacted by winter demand, euro area retail sales bounced back a little in February - mostly from non-food sales (+6.8%).That said, relative to a year ago (pre-COVID), overall conditions are still relatively subdued with non-food sales being down by 5.5% as compared to February 2020 levels.

Further Development

Analyzing the current trading chart of Gold, I found that there is the rejection of the main Pitchfork line and the breakout of the upside mini Pitchfork channel, which is sign that sellers are in control.

My advice is to watch for selling opportunities on the rallies with the downside targets at $1.721 and $1.713.

Key Levels:Resistance: $1.755Support levels: $1.721 and $1.713.