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FX.co ★ Analysis of Gold for October 16,.2020 - Potential for further rally towards the level at $1.931

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Forex Analysis:::2020-10-16

Analysis of Gold for October 16,.2020 - Potential for further rally towards the level at $1.931

  • Given the present uncertainty, it would be a mistake to set an end date for the ECB's pandemic response

Some token remarks by Villeroy, as we have seen from most ECB speakers this week. All of this is mainly to reaffirm that they are still in a wait-and-see approach and will only consider more action should there be material downside to incoming economic data.

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Further Development

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Analyzing the current trading chart of Gold, I found that the sellers got exhausted today and that price failed to test recent swing low based on the 4H time-frame, which is good sign for further rise.

The Golds in overall uptrend on the short-mid term and my advice is to watch for buying opportunities on the dips with the tragets at $1,931 and $1,9543

Key pivot level resistance is set at $1,913

1-Day relative strength performance Finviz

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Based on the graph above I found that on the top of the list we got Lean Hogs and Coffee today and on the bottom Lumber and Gasoline RBOB.

Gold is positive today on the relative strength list, which is another sign for the upside movement.

Key Levels:

Resistance: $1,913, $1,930 and $1,955

Support level: $1,890

Petar Jacimovic
Analyst InstaForex
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