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FX.co ★ Analysis of Gold for September 16,.2020 - Watch for the breakout of well defined symmetrical triangle to confirm further direction

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Forex Analysis:::2020-09-16T13:35:09

Analysis of Gold for September 16,.2020 - Watch for the breakout of well defined symmetrical triangle to confirm further direction

  • Retail sales control group -0.1% vs. +0.3% estimate
  • Retail sales ex auto +0.7% vs. 1.0% estimate
  • Retail sales ex auto and gas +0.7% vs. 0.9% estimate
  • ex auto and building materials 0.5% vs. 1.7%
  • ex food services +0.1% vs. 0.5%
  • gasoline sales +0.4% vs. July is up 4.4%
  • cars/parts sales +0.2% vs. July's -1.0%
  • food and beverages -1.2% vs. +0.6%
  • furniture +2.1% vs. +0.9%
  • sporting-goods -5.7% vs. -5.3% last month
  • Gen. merchandise -0.4% vs. -1.1% last month. Department store sales fell -2.3% vs. 2.0% last month
  • eating and drinking increased to 4.7% vs. 4.1% last month

Analysis of Gold for September 16,.2020 - Watch for the breakout of well defined symmetrical triangle to confirm further direction

Further Development

Analysis of Gold for September 16,.2020 - Watch for the breakout of well defined symmetrical triangle to confirm further direction

Analyzing the current trading chart of Gold, I found that the price is still inside of the trading range and that is awaiting for the breakout.

1-Day relative strength performance Finviz

Analysis of Gold for September 16,.2020 - Watch for the breakout of well defined symmetrical triangle to confirm further direction

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

Key Levels:

Resistance: $1,973

Support levels: $1,863 and $1,818.

Analyst InstaForex
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