FX.co ★ Analysis of Gold for August 12,.2020 -Both downside targets reached and massive selling climax happened. Sideways day in play

Comments by UK international trade secretary, Liz Truss

• Further talks will be held in early September
• Both sides reaffirm commitment to negotiating a comprehensive agreement
• Agreed that negotiations should continue at pace throughout the autumn

The remarks above comes after the third negotiating round between the two countries. There's not too much specifics but it is yet another slow and steady process in trying to get something done before the end of the year.

As I discussed in the previous review, the Gold managed to drop and reach both of our downside targets at $1,960 and $1,940 from yesterday.

Further Development

Analyzing the current trading chart, I found massive selling climax and potential for the sideways movement. Anyway, there is potential for the re-test of the $1,879 of even test of $1,850 before next directional move.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lumber and on the bottom Lean Hogs and VIX/

Gold is in the negative territory today.

Key Levels:

Support: $1,880 and $1,862

Resistance level: $2,015