Gold today went below $ 1321, and is about to record its worst day on February 15th.
The reason for this is the appreciation of the US dollar, the cash flow at the end of the month and the rise in bond yields. Gold, however, is still not responding to mounting tensions between Pakistan and India, and is approaching the end of its season.
We have a technical breakthrough to the nearest Fibonacci 78.6 and touch the bottom line to support the upward trend. Holding below this level will open the ability to move down to 23.6 Fibo or the area around $ 1303.
The risk of a downward movement stopping, and the price of sharply upward comes from a possible complication of the situation between India and Pakistan, followed by a stronger risk off, which would also lower yields on bonds.
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