FX.co ★ Analysis of Gold for February 19,.2021 - Second target reached at the price of $1.764. Potential for new downside wave and test of $1.730

UK February CBI trends total orders -24 vs -35 expected

Prior -38

• Trends selling prices 3
• Prior 4

UK industrial orders rebound in February with output seen stabilising after a sharp drop in January. The headline represents the highest reading since before the pandemic began, so that is some relative comfort. CBI notes that:

"Manufacturing activity remains patchy, but so far appears to have taken a smaller hit than in previous lockdowns."

The CBI readings are a survey on manufacturers to rate the level of volume for orders expected during the next 3 months.

Further Development

Analyzing the current trading chart of Gold, I found that the Gold tested our second target at the price of $1,764.

Key Levels:

Resistance: $1,777

Support levels: $1,730 and $1,717.