Economic Indicators

15:00 Germany GDP (QoQ) (Q4)‧Fcst-0.3%‧Prev-0.3%
15:00 Germany GDP (YoY) (Q4)‧Fcst-0.4%‧Prev-0.4%
17:00 Germany Ifo Business Climate Index (Feb)‧Fcst85.5‧Prev85.2
17:00 Germany Current Assessment (Feb)‧Fcst86.7‧Prev87.0
17:00 Germany Business Expectations (Feb)‧Fcst84.0‧Prev83.5

XAU London Gold - The upward trend of gold prices is restrained, with the risk of a pullback looming

The price of gold continues to consolidate. Even though it once broke above the $2030 mark, it has not been able to hold its position. The previously released initial jobless claims data showed that the U.S. economy is strong; and the minutes of the Federal Reserve’s latest policy meeting released on Wednesday showed that most policymakers are worried that it will be too early. Cutting interest rates brings risks. Markets see a roughly 66% chance of a rate cut in June, according to CME's FedWatch tool. Investors are awaiting the release of more economic data to provide guidance on the U.S. Federal Reserve's (FED) interest rate stance.

As seen from the technical chart, the gold price has been blocked in the $2030 area for three consecutive trading days, and even the RSI and stochastic index are showing initial signs of correction. Although it does not directly indicate that the gold price is about to turn around and fall back, the warning risk has sounded. If it fails to break through repeatedly, , I am afraid that this wave of gold price rebound will also end here! The current resistance level is estimated at the 50-day moving average of $2,031, and the greater resistance is at $2,065 and $2,090. The current support level is expected to be 2010 and the 100-day moving average of $2,000, and further extension is expected to reach the 250-day moving average of $1,968.
    
London Gold February 23
Forecast range: 2021 – 2028
Resistance 2031 – 2041 – 2056
Support 2016 – 2010 – 2003

SPDR Gold Trust gold holdings:
February 12 – 841.92 tons
February 13 – 840.48 tons
February 14 – 839.04 tons
February 15 – 837.31 tons
February 16 – 837.89 tons
February 19 – 837.89 tons
February 20 – 836.16 tons
February 21 – 829.82 tons
February 22 – 827.81 tons

21/2 AM London Gold Fix: $2030.9
21/2 PM London Gold Fix:  $2024
 

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