FX.co ★ Analysis of Gold for March 23,.2021 - Completion of the ABC upside correction and potential for the downside rotation towards $1.700

UK March CBI trends total orders -5 vs -20 expected

Prior -24

• Trends selling prices 20
• Prior 3

The headline reading shows factory orders balance jumping to a near two-year high, as it is the highest since April 2019. Meanwhile, output expectations balance was seen at 30 - up from -2 in February - and that is the highest since August 2017.

Further Development

Analyzing the current trading chart of Gold, I found that there is potential for the second downside leg and more downside movement.

Key Levels:

Resistance: $1,746

Support levels: $1,700 and $1,679.