FX.co ★ Analysis of Gold for September 08,.2020 -Breakout of the inside formation to the downside

• Regardless, one thing is clear - a disorderly Brexit would not be good for Europe but it would be a 'disaster' for UK and its citizens

Scholz not really painting a bright picture as talks are set to begin today through to Thursday in London. The last point is more of a threat that the EU has been contriving since the beginning of Brexit so it also isn't really anything new.

As I discussed in the previous review, the Gold managed to break the inside day balance pattern to the downside and on that way it confirmed further downside continuation.

Further Development

Analyzing the current trading chart of Gold I found that sellers are in control today and that we got the breakout of the balance.

I would watch for selling opportunities on the rallies with the downside targets at $1,884 and $1,815.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got VIX and Orange Juice today and on the bottom Heating Oil and Crude Oil.

Gold is in negative territory, which is another sign that sellers are control today.

Key Levels:

Resistance: $1,935

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