FX.co ★ Analysis of Gold for December 01,.2020 - OVerbought condiiton at the important resistance at $1.810. Potential for the downside rotation towards $1.788

ECB's Schnabel: 12-month PEPP extension is one option being considered

ECB may consider longer duration of favourable TLTRO rate

• ECB isn't obliged to do what markets expect from us
• ECB stimulus should sustain, not ease financial stance
• Euro area Q4 economic contraction is very likely
• Stimulus must reflect more protracted pandemic crisis

In other words, she is trying to communicate the message that the need to "recalibrate" in December is largely due to the pandemic crisis being worse than anticipated. As such, they should stick with what worked in March to reflect that.

Further Development

Analyzing the current trading chart of Gold, I found that the buyers got exhausted today and the downside rotation would be probably to correct strong upside movement from recent few hours.

1-Day relative strength performance Finviz

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

Gold is on the top of the list but with overbought condiiton....

Key Levels:

Resistance: $1,810

Support level: $1,788