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FX.co ★ Analysis of Gold for September 24,.2020 - Major downside target reached at thep rice of $1.863 but potential for the next target at $1.818

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Forex Analysis:::2020-09-24T11:28:27

Analysis of Gold for September 24,.2020 - Major downside target reached at thep rice of $1.863 but potential for the next target at $1.818

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Analysis of Gold for September 24,.2020 - Major downside target reached at thep rice of $1.863 but potential for the next target at $1.818

As I discussed in the previous review, the Gold managed to reach our first main downside target at the price of $1,863.

The main cause for this drop was the breakout of the symmetrical triangle that I marked few days ago.

Further Development

Analysis of Gold for September 24,.2020 - Major downside target reached at thep rice of $1.863 but potential for the next target at $1.818

Analyzing the current trading chart of Gold, I still see strong downside pressure and potential for even further drop towards the $1,918.

1-Day relative strength performance Finviz

Analysis of Gold for September 24,.2020 - Major downside target reached at thep rice of $1.863 but potential for the next target at $1.818

Based on the graph above I found that on the top of the list we got Natural gas and Cocoa today and on the bottom Lean Hogs and Silver.

Gold is on the negative territory, which is another confirmation of the short-term downside trend.

Key Levels:

Resistance: $1,862

Support level: $1,918

Analyst InstaForex
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