FX.co ★ Analysis of Gold for April 15,.2021 - Big pivot resistance at $1.748 on the test. Watch for downside rotation

Germany March final CPI +1.7% vs +1.7% y/y prelim

Latest data released by Destatis - 15 April 2021HICP +2.0% vs +2.0% y/y prelimThe preliminary report can be found here. No change to the initial estimates as this reaffirms stronger price pressures seen last month, largely due to base effect adjustments

Further Development

Analyzing the current trading chart of Gold, I found that Gold reached the important pivot level at $1.748.

My advice is to watch for selling opportunities on the rallies with the downside targets at $1.740.

Stochastic oscillator is showing overbought condition with potential for the downside rotation.

Key Levels:

Resistance: $1.748Support level: $1.740