GOLD - Declining demand led to a correction

Feb 17

XAUUSD remains under moderate pressure, staying below the key level of $5,000. The market is awaiting news on the US-Iran negotiations, which will be the immediate driver.



There is a lack of demand from Asia due to the Chinese New Year celebrations. The USD is up slightly amid portfolio rebalancing ahead of important data releases on Friday. Together, this is putting pressure on the metal, which has entered a correction phase but is technically within the 4880-5090 range.
The short-term dynamics of gold will be determined by the outcome of the US-Iran negotiations. Any signs of escalation will bring back demand for the safe-haven asset and push the price above $5,000.
At the moment, gold is trading below the psychological mark of $5,000, but is holding back from a deep fall. Support remains due to cautious market sentiment ahead of negotiations with Iran.

Resistance levels: 4943, 4990, 5090
Support levels: 4879, 4812

The market structure is bearish, with a retest of the 4943-4950 zone of interest forming, from which gold may fall to the 4870 range support for a retest. However, further developments will depend on the fundamental background. A rebound from 4879 and growth to 4990 - 5090 is possible, but if the price closes below 4880, this could trigger a further decline to 4880. Mixed data makes it necessary to monitor local benchmarks.

Best regards, R. Linda!

Feb 17

Note

Correction:
A rebound from 4879 and growth to 4990 - 5090 is possible, but if the price closes below 4880, this could trigger a further decline to 4812

Feb 17

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