FX.co ★ Analysis of Gold for September 07,.2020 - Sideways condiiton with potential for downside break.

A tweet by European Commission president, Ursula von der Leyen

I trust the British government to implement the Withdrawal Agreement, an obligation under international law & prerequisite for any future partnership. Protocol on Ireland/Northern Ireland is essential to protect peace and stability on the island & integrity of the single market.

The fact that they're communicating in such a way isn't exactly telling us that they are "in close contact". All of this should be part of the negotiating process but instead it is like airing dirty laundry out to dry in public.

As I discussed in the previous review, the Gold is in creation of the second down leg in my opinion.

Further Development

Analyzing the current trading chart of Gold, I found that there is contraction lat few days at the price of $1,928 but that downside movement is more likely to happen.

1. Watch for selling opportunities on the rallies with the downside targets at $1,884 (Fibo Expansion 61.8%) and $1,815 (Fibo exp. 100%)

Resistance is set at the price of $1,950

1-Day relative strength performance Finviz:

Based on the graph above I found that on the top of the list we got VIX and Coffee today and on the bottom Natural gas and Lumber.

Key Levels:

Resistance: $1,950

Support levels: $1,884 and $1,815