For Traders

Analytical Reviews

Technical analysis

28.08.202014:08 Forex Analysis & Reviews: Analysis of Gold for August 28,.2020 - Gold is still in the trading range and is about to breakout and define direction. Watch for the breakout to confirm further direction.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Latest data released by Eurostat - 28 August 2020

Prior 82.3
Industrial confidence -12.7 vs -13.0 expected
Prior -16.2
Services confidence -17.2 vs -23.0 expected
Prior -26.1

There are continued improvements to overall economic sentiment within the euro area this month and that reflects the ongoing optimism surrounding the recovery for the time being.

With fears of a second virus wave brewing, it remains to be seen if the optimism can be justified as we look towards the latter stages of the year.

Gold is still trading inside of the trading range and there is potential for the breakout of rejection.

Further Development

Analyzing the current trading chart fo Gold, I found that the Gold is still in the trading range between the price of $1,975 (resistance) and $1,912 (support)

To confirm further upside I would like to see breakout of $1,975, which would lead the Gold for test of $2,000

The rejection of the important pivot at $1,975 can lead the Gold lower towards the $1,912

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lumber and SIlver today and on the bottom Orange Juice and Nikkei 225.

Gold is in green today but in the overbought condiiton...

Key Lvels:

Resistance: $1,975

Support levels: $1,91

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.