For Traders

Analytical Reviews

Technical analysis

16.10.202013:44 Forex Analysis & Reviews: Analysis of Gold for October 16,.2020 - Potential for further rally towards the level at $1.931

Essas informações são fornecidas a clientes profissionais e de varejo como parte da comunicação de marketing. Elas não contêm e não devem ser interpretadas como consultoria, recomendação de investimento ou uma oferta ou solicitação para se envolver em qualquer transação ou estratégia em instrumentos financeiros. O desempenho passado não é uma garantia ou previsão de desempenho futuro. A Instant Trading EU Ltd. não se responsabiliza pela exatidão ou integridade das informações fornecidas, ou por qualquer perda decorrente de qualquer investimento com base em análises, previsões ou outras informações fornecidas por um funcionário da Empresa, ou de outra forma. O termo de responsabilidade completo está disponível aqui.

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.

Further Development

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

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

Voltar a lista

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.