FX.co ★ Analysis of Gold for September 17,.2020 - Strong downside pressure today and potential for the breakout of symmetrical triangle and bigger movemement to happen...

Monetary Policy Decision - 17 Sep 2020

• Prior 0.10%
• Votes 0-0-9 vs 0-0-9 expected
• Asset purchase program total £745 billion vs £745 billion expected

• Bank of England says MPC had been briefed on the the BoE's plans to explore how a negative bank rate could be implemented effectively. (seen some GBP selling on that headline)
• Total stock of asset purchases to £745 billion around the turn of the year
• Market contacts had expressed concern over recent Brexit developments
• Outlook for economy looks unusually uncertain

Further Development

Analyzing the current trading chart of Gold, I found tthat there was the rejection of the upper trendline of symmetrical triangle and there is posibility for the breakout very soon to happen.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got VIX and Sugar today and on the bottom Platinum and Silver.

Key Levels:

Resistance: $1,975

Support level: $1,915