Q4 GDP -4.9% vs -5.0% y/y second estimate
The second estimate report can be found here. Looking at the details, household consumption fell by 3% q/q after the revised 14.1% q/q jump in Q3 while government expenditure expanded by another 0.4% q/q after the revised 4.6% q/q jump in Q3 last year.
The data doesn't really do much but reaffirm a potential double-dip recession in the Eurozone as Q1 economic conditions may also present a contraction.
That said, the focus of the market remains more geared towards the 2H 2021 outlook.
Further Development
Analyzing the current trading chart Gold, I found that the buyers got exhausted today and the downside roattion would be probably to correct strong upside movement from this morning.
Gold tested major pivot level at $1,710, which is good zone for the selllers to join.
Key Levels:
Resistance: $1,710
Support levels: $1,677
