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02.03.2021 03:58 PM
Analysis of Gold for March 02,.2021 - Bear flag pattern in creation and potential for re-test of the $1.707
OPEC's Barkindo: Outlook for oil market continues to be positive

Comments from the OPEC Secretary General

  • Headwinds of uncertainty that shocked the market last year continue to abate
  • Positive global economic developments and resilient demand in Asia are encouraging

A short time ago, OPEC's joint committee said global oil stockpiles are on track to decline each month this year even if OPEC+ restores all of the missing 2.4 mbpd by June, including the Saudi voluntary cut.

In August, OECD inventories are set to drop below their 2015-2019 average.

Further Development

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Analyzing the current trading chart of Gold, I found that the downside trend is still active and that preferable strategy under this condition is to sell on the rallies.

Key Levels:

Resistance: $1,740

Support levels: $1,707

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