FX.co ★ Analysis of Gold for August 10,.2020 - Watch for more downside on the Gold towards $1.985 for the completion of ABC downside correction

The waters off the Chinese coast are hotly contested and a constant source of tension as nations scramble to assert dominance. This is not likely to prompt any major concerns, but just indicative of constant tensions in the water.

Further Development

Analyzing the current trading chart, I found that Gold got potential for another downside leg towards the main pivot at the price of $1,985 where eventual we migh attract buyers.

There is the downside potential and selling opportunities are preferable towards the $1,985

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lean Hogs and Silver today and on the bottom Ethanol and the VIX

Gold is on the upper part but not on the top of the list. Gold i lagging relative to other metals.

Key Levels:

Resistance: $2,050

Support level: $1,985