FX.co ★ Analysis of Gold for February 17,.2021 - First target at $1.785 has been reached. Potential for the test of second target at $1.763

Eurozone December construction output -3.7% vs +1.4% m/m prior

• Prior+1.4%; revised to +2.3%
• Construction output -2.3% y/y
• Prior -1.3%; revised to -0.6%

Euro area construction activity eased in December as tighter restrictions weigh, though the data is not of much significance considering we already had the Q4 GDP report. Besides that, the market remains more forward-looking in any case so this is a lagging release.

Further Development

Analyzing the current trading chart of Gold, I found that Gold reached my first downside target from yesterday at the price of $1,784 but that there is still strong downside moementum and potential for lower targets.

Key Levels:

Resistance: $1,800

Support level: $1,763.