FX.co ★ Analysis of Gold for March 05,.2021 - Watch for selling opportunities with the downside target at $1.680

YCC was among some of the options touted ahead of Powell's speech yesterday but it certainly wasn't the right stage to be touching on any such actions - for now at least.

The upcoming FOMC meeting on 17 March is going to be a key one to watch for any messaging and views on the bond market. But until then, the status quo from yesterday may very well stay the course for at least another two weeks (or more).

Further Development

Analyzing the current trading chart of Gold, I found that Gold is doing consolidation below the previous consolidation, which is negative for the Gold.

Key Levels:

Resistance: $1,700

Support levels: $1,680 and $1,670.