FX.co ★ Analysis of Gold for September 14,.2020 - Potential completion of the ABC correction and new down cycle

Latest data released by SNB

Domestic sight deposits 635.3bn vs 633.2bn

This data tracks the level of SNB intervention in supporting the CHF by buying euros and dollars. Intervention alive and well.

As I discussed in the previous review, the Gold managed to complete the upside correction ABC and I see further downside movement towards the $1,921

Further Development

Analyzing the current trading chart of Gold, I found that there is potential for the downside roation but that Gold is still trading sideways at the price of $1,945

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Natural Gas and Lumber todaay and on the bottom Coffee and Orange Juice

Gold is slightly positive but with no big momentum.

Key Levels:

Resistance: $1,950

Support level: $1,910