FX.co ★ Analysis of Gold for September 09,.2020 - Sideways regime with potential for the breakout mode

Leak from the ECB forecasts from Bloomberg boosts the euro

Some ECB policy makers have become more confident in their forecasts, according to a Bloomberg report citing people familiar.

The latest projections -- due tomorrow -- will show only slight changes to June with GDP revised higher this year on higher private consumption. With that, there is a falling chance of further stimulus this year; but that will depend on December forecasts.

As I discussed in the previous review, the Gold is still trading inside of the trading range between the price of $1,905 and $1,948 and $1,995.

Further Development

Analyzing the current trading chart of Gold, I found that Gold is still trading trading inside of the trading range and that watching for the breakout would be good idea.

1-Day relative strength performance Finviz:

Based on the graph above I found that on the top of the list we got Platinum and Crude Oil today and on the bottom Lumber and VIX

Key Levels:

Resistance: $1,950

Support levels: $1,905 and $1,860