Feb. 19, 2021
Gold today at a glance – Gold recovered all the way back to 1,775 after dipping down to 1,759. A gain of 10.599999999999909 to $1,790.5 might be linked to United States Existing Home Sales beating projections with new data of 6.69 million, as it coincided with the time of release.
The Chart pattern study shows Gold reversed direction at $1,789 resistance zone and retreated back to $5.8 below it. In terms of trend indicators, we can see that at $1,781, Gold made an initial breakout above the 3 day Simple Moving Average, an indication of a positive trend. The CCI indicator is bellow -100. When the CCI (Commodity Channel Index) is at this level, it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend. Asset volatility analysis shows that the lower Bollinger band is at $1,764, indicating further gains might be next. Japanese Candlesticks formations detected today are the "Bullish engulfing”, when it appears on top of a bearish overall trend, as it is now, some traders would consider this as an indication of a reversal, of course.
Overall, the technical analysis suggests gold is neutral for the immediate future, with no clear-cut direction.
The Australian dollar added 1.27% to its value, now trading at 0.7872 After starting the session at 1.556, EUR/AUD lost 165 pips and is trading around 1.5395. The Kiwi is up 1.06%.
The United States Manufacturing PMI matches expectations with the new data release of 58.5. This is a step backward from the previous data of 59.2. United States Crude Oil Inventories fell short of the -2.43 million projection to -7.26 million and continued its downward trajectory from the previous figure of -6.64 million.
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