Gold analysis 26 February 2021

Gold continues to trade lower and hits 5- week low on surging US 10-year yield.  The yield hits fresh year 1.56% on hopes of massive fiscal stimulus in the U.S to counter Coronavirus.  The US dollar index recovered more than 50 pips from a low of 89.80 on rising yield.  US Q4 GDP surged to 4.1% compared to a forecast of 4.2%. The number of people who have filed for unemployment benefits declined to 730k in the week ended Feb 20th vs an estimate of 828k. The short-term trend is bearish as long as resistance $1800 holds.

Technical:

The yellow metal is facing significant support at $1760, any indicative break below targets $1720/$1700. It is facing strong resistance at $1785.

Any violation above level will take the yellow till $1800/$1815. Minor bullish continuation only if it crosses $1815.

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