Analysis of Gold for March 16,.2021 – Potential downside swing in the play and test of $1.701
March 16, 2021 1:22 pm
Germany March ZEW survey current situation -61.0 vs -62.0 expected
Prior -67.2
Expectations 76.6 vs 74.0 expected
Prior 71.2
Eurozone expectations 74.0
Prior 69.6
Apologies for the delay on the post, had some technical difficulties earlier.
The current situation continues to stay subdued, reflecting the economic performance in Germany in Q1 amid lockdown measures. But the higher expectations reading reaffirms that investors are staying more forward-looking.
Further Development
Analyzing the current trading chart of Gold, I found that the buyers got exhausted today and the downside roattion would be probably to correct movement from recent few days.
Strong resistance at hte price of $1,738 is in the play and potential for the downside movement towards $1,701 and $1,680.
Stochastic oscillator is in the overbought zone, which is another sign for the further downside movement.
Key Levels:
Resistance: $1,738
Support levels: $1,701 and $1,680.
The material has been provided by InstaForex Company – www.instaforex.com
Prior -67.2
Apologies for the delay on the post, had some technical difficulties earlier.
The current situation continues to stay subdued, reflecting the economic performance in Germany in Q1 amid lockdown measures. But the higher expectations reading reaffirms that investors are staying more forward-looking.
Further Development
Analyzing the current trading chart of Gold, I found that the buyers got exhausted today and the downside roattion would be probably to correct movement from recent few days.
Strong resistance at hte price of $1,738 is in the play and potential for the downside movement towards $1,701 and $1,680.
Stochastic oscillator is in the overbought zone, which is another sign for the further downside movement.
Key Levels:
Resistance: $1,738
Support levels: $1,701 and $1,680.
The material has been provided by InstaForex Company – www.instaforex.com
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