Analysis of Gold for March 19,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

BOJ's Kuroda: Does not think current FX moves deviate from fundamentals Desirable for exchange rate to reflect fundamentals in a stable mannerNo change to stance of sticking to 2% inflation targetNot hitting 2% inflation target does not mean BOJ efforts are wrong

Besides the mess in deciphering his comments on the yields band, the rest of Kuroda's remarks are pretty much sticking to the script for the most part. So, there isn't much of anything new for market participants to work with.

Further Development

Analyzing the current trading chart of Gold, I found there is completion of the ABC upside corretion and that Gold might trade lower towards the $1,700 level.

Key Levels:

Resistance: $1,750

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