FX.co ★ Analysis of Gold for February 04,.2021 - Second target reached at $1.803 adn potetnial for another down move and test of $1.765

BOE's Broadbent: QE not necessarily the first choice for stimulus

BOE will take decisions on monetary policy options if and when needed

• Guidance remains that BOE won't even begin to think of withdrawing support until there are clear signs of sustainable recovery and inflation

The headline is more to the fact that they are not shutting the door to negative rates at this point in time but make no mistake, QE remains their most preferred option at the moment unless economic conditions worsen considerably.

Further Development

Analyzing the current trading chart of Gold, I found thatGold reached my second downside target at $1,803 but there is still potential for more downside towards $1,765.

Key Levels:

Resistance: $1,803

Support levels: $1,784 and $1,765.