Gold closed the third straight week in the negative territory near $1,700 and lost around 2%. As FXStreet’s Eren Sengezer notes, XAU/USD remains vulnerable unless it manages to reclaim the $1,760 level. Key quotes “On Wednesday, February Consumer Price Index (CPI) data from the US will be looked upon for fresh impetus. Experts expect the Core CPI to remain unchanged on a yearly basis at 1.4%. A stronger-than-expected reading is likely to help the USD outperform its rivals and weigh on XAU/USD.” “On Thursday, the European Central Bank (ECB) will announce its Interest Rate Decision and publish the monetary policy statement. The ECB is not expected to make any changes to its policy rate but some experts think that it could ramp up the pace of its Pandemic Emergency Purchase Programme (PEPP) purchases. In any case, changes to the USD’s market valuation after this event could impact gold’s movements.” “On the upside, the initial static resistance is located at $1,740. Above that level, the next static hurdle, which is reinforced by the descending line, could be seen at $1,760 ahead of $1,780 (20-day SMA).” “Supports are located at $1,687 (multi-month lows set on Friday), $1,680 (strong static level from April, May and June of 2020) and $1,670 (June 1, 2020, low).” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Dollar Index looks firmer above 92.00 FX Street 1 year Gold closed the third straight week in the negative territory near $1,700 and lost around 2%. As FXStreet's Eren Sengezer notes, XAU/USD remains vulnerable unless it manages to reclaim the $1,760 level. Key quotes "On Wednesday, February Consumer Price Index (CPI) data from the US will be looked upon for fresh impetus. Experts expect the Core CPI to remain unchanged on a yearly basis at 1.4%. A stronger-than-expected reading is likely to help the USD outperform its rivals and weigh on XAU/USD." "On Thursday, the European Central Bank (ECB) will announce its Interest Rate Decision and publish the monetary… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
