FX.co ★ Analysis of Gold for December 23,.2020 - Test of the rising trendline and potetnial for the rally towards $1.884

Latest data from the Mortgage Bankers Association for the week ending 18 December 2020

• Prior +1.1%

• Market index 863.9 vs 857.3 prior
• Purchase index 316.3 vs 331.6 prior
• Refinancing index 4,169.0 vs 4,014.5 prior
• 30-year mortgage rate 2.86% vs 2.85% prior

Purchases activity were seen cooling off with refinancing being the one bolstering mortgage activity in the past week. The housing market continues to keep in a solid position throughout the virus crisis and is staying that way through to the year-end.

Further Development

Analyzing the current trading chart of Gold, I found that there is the test of the rising trend line, which can be the good place to watch for buying opportunities. The level at $1,860.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Ethanol and Orange Juice today and on the bottom Natural Gas and Oats.

Key Levels:

Resistances: $$1,884 and $1,906

Support levels: $1,860 and $1,855