FX.co ★ Analysis of Gold for March 12,.2021 - First downside target has been reached at the $1.710 and potential for second target at $1.680

Euurozone January industrial production +0.8% vs +0.5% m/m expected

Latest data released by Eurostat - 12 March 2021

• Prior-1.6%; revised to -0.1%
• Industrial production WDA +0.1% vs -1.9% y/y expected
• Prior -0.8%; revised to -0.2%

Euro area industrial output was much stronger than estimated to start the year, with a positive revision to boost in December as well. The higher output was across all categories with durable consumer goods seen contributing the most, rising 0.8% on the month.

That said, overall industrial production is still working its way back to pre-virus levels but at least the tighter restrictions aren't having much negative impact for now.

Further Development

Analyzing the current trading chart of Gold, I found that Gold reached my first downside target from yesterday's call at the price of $1,710.

Key Levels:

Resistance: $1,710

Support levels: $1,680.