FX.co ★ Analysis of Gold for November 03,.2020 - Watch for the breakout of the 1month balance to confirm further direction

• AUD is not the main factor in policy easing
• A lower AUD is just one channel through which policy works
• RBA would only intervene in the currency market if it is dysfunctional

Safe to say, we are nowhere near anything 'dysfunctional' when it comes to the AUD and the RBA has been consistent in their messaging that they are quite content with the way the currency has behaved over the past few months.

Sure, they would prefer it to be lower but at least they're not being pressured to do more in consideration of a higher exchange rate for the time being.

Further Development

Analyzing the current trading chart of Gold, I found that the prior to the elections in US Gold is trading flat in past 30 days, which is indication of the blanced market regime.

1-Day relative strength performance Finviz

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

Key Levels:

Resistance: $1,931

Support levels: $1,849