FX.co ★ Analysis of Gold for February 12,.2021 - Strong downsside momentum and potential for bigger drop towards $1.785

It only took them about a year since the pandemic to get this settled

The €672.5 billion recovery fund got the go-ahead from parliament yesterday and has been signed today. As much as von der Leyen says that they are going to move "swiftly" with this, waiting another few months before the initial funds are disbursed is quite typical when it comes to the EU trying to sort its political undertakings.

Further Development

Analyzing the current trading chart of Gold, I found that our analysis from yesterday is progressing good and we got the strong downside pressure.

Key Levels:

Resistance: $1,845

Support level: $1,785