FX.co - Analysis of Gold for March 22,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

2021-03-22T11:24:12

Relevance until2021-03-24

Analysis of Gold for March 22,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

Eurozone January current account balance €30.5 billion vs €36.7 billion prior

Prior €36.7 billion

Slight delay in the release by the source. Flows in/out of the euro area economy are keeping thereabouts and are still below pre-virus conditions for the time being. Amid tighter restrictions and what not, it will still take time to get back there.

Further Development

Analysis of Gold for March 22,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

Analyzing the current trading chart of Gold, I found that the buyers got exhausted today and the downside roattion would be probably to correct strong upside movement from recent few days.

Based on the 4H time-frame , there is completion of the ABC upside correction and potential for the another downside swing.

Additionally, there is the breakout of the upside channel, which is good confirmation for the downside...

Key Levels:

Resistance: $1,748

Support levels: $1,701 and $1,679

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

#Technical analysis #Silver #Commodity

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2024

FX.co ★ Analysis of Gold for March 22,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

Forex Analysis

Analysis of Gold for March 22,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700