Analysis of Gold for March 02,.2021 - Bear flag pattern in creation and potential for re-test of the $1.707

OPEC's Barkindo: Outlook for oil market continues to be positive Comments from the OPEC Secretary General Headwinds of uncertainty that shocked the market last year continue to abate Positive global economic developments and resilient demand in Asia are encouraging

A short time ago, OPEC's joint committee said global oil stockpiles are on track to decline each month this year even if OPEC+ restores all of the missing 2.4 mbpd by June, including the Saudi voluntary cut.

In August, OECD inventories are set to drop below their 2015-2019 average.

Further Development

Analyzing the current trading chart of Gold, I found that the downside trend is still active and that preferable strategy under this condition is to sell on the rallies.

Key Levels:

Resistance: $1,740

Support levels: $1,707