FX.co ★ Analysis of Gold for March 08,.2021 - Sellers in control and potential for test of next downside target at $1.670

BOE's Bailey: We may need more evidence than normal that inflation rise will be persistent

• We will see a rise in inflation in the short-term
• It will be challenging to decide if any increase in prices is likely to be persistent

This is pretty much the tagline of every central banker at the moment but he doesn't seem too disturbed by recent developments in the bond market.

Further Development

Analyzing the current trading chart of Gold, I found that tthe Gold is heading towards our second downside target at $1,670.

Key Levels:

Resistance: $1,710

Support levels: $1,670 and $1,575.