Chart of the day - GOLD (19.02.2021)

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Gold experienced a steep sell-off over the past couple of days as US yields kept rising. Price of the precious metal has reached a key support today - $1,765 area marked by the 50% retracement of the upward move started in March 2020 and a low from November 2020. The first attempt of breaking below this hurdle has failed but gold price has not managed to fully recover from today's declines yet. Having said that another attempt may be looming. Should we see a break below $1,765, the way towards the next major support at $1,690 will be left open.

Source: xStation5

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