FX.co ★ Analysis of Gold for September 24,.2020 - Major downside target reached at thep rice of $1.863 but potential for the next target at $1.818

• As the economy reopens, it is fundamentally wrong to keep furlough scheme

• I cannot save every business, every job
• We need to allow the economy to move forward
• Announces new jobs support scheme
• Government will directly support wages of people in work
• This will help companies employ people on shorter hours, instead of laying them off
• The scheme will support viable jobs
• Employees must work at least a third of normal hours
• Government will increase wages to cover two thirds of lost pay
• The scheme will run for about 6 months

As I discussed in the previous review, the Gold managed to reach our first main downside target at the price of $1,863.

The main cause for this drop was the breakout of the symmetrical triangle that I marked few days ago.

Further Development

Analyzing the current trading chart of Gold, I still see strong downside pressure and potential for even further drop towards the $1,918.

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 Cocoa today and on the bottom Lean Hogs and Silver.

Gold is on the negative territory, which is another confirmation of the short-term downside trend.

Key Levels:

Resistance: $1,862

Support level: $1,918