FX.co ★ Analysis of Gold for December 09,.2020 - Potential completion of the bull flag pattern. Upside opportunities in play....

UK prime minister, Boris Johnson, remarks in parliament

• Look forward to discussing Brexit with the EU
• EU wants to take away our control over our fishing waters
• No PM can accept that
• We will prosper with or without a deal

Just some token remarks from Johnson mostly. Again, be reminded that he is scheduled to head over to Brussels later today and meet with European Commission president, Ursula von der Leyen, at 1900 GMT.

At this point, it isn't so much so as the technical nitty-gritty, instead it is all about the political compromise to try and nudge things in the right direction. Or at least the optics.

Further Development

Analyzing the current trading chart of Gold, I found that there is potential for the another upside movement due to potential for the completion of the downside correction.

Watch for buying opportunities with the targets at $1,875 and $1,880

Based on the 4H time-frame, I found that there is bull flag pattern in creation, which is good signal for further upside continuation.

1-Day relative strength performance Finviz

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

Key Levels:

Resistance: $1,874

Support level: $1,848