FX.co ★ Analysis of Gold for December 07,.2020 - Potential completion of the bigger ABC correction. Upside opportunities in play....

Bloomberg reports, citing a document on the package

Fiscal measures are to comprise around £40 trillion, partly financed by £19.2 trillion in spending from a third extra budget. This is a bit on the higher end of reports on what ruling party lawmakers are calling for in terms of new measures.

Further Development

Analyzing the current trading chart of Gold, I found that there is potential for the completion of the ABC downside correction and new upwave to begin.

1-Day relative strength performance Finviz

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

Gold is slightly negative today on the list but with potential for upside continuation.

Key Levels:

Resistance: $1,834, $1,842 and $1,848

Support levels: $1,822