22.10.202013:17 Forex Analysis & Reviews: Analysis of Gold for October 22,.2020 - The breakout of ascending triangle pattern and potential for test of $1.955

UK government raises job support aid, cuts employers' contributions

• We are making job support scheme more generous
• Employees only require to work 20% of hours, previously 33%
• Firms only cover 5% of non-worked hours, previously 33%
• Maximum grant will increase to £3,750 from £1,875 previously
• Doubles grants for self-employed from 20% to 40%
• Cash grants will be up to £2,100 per month for every month Tier 2 applies

Further Development

Analyzing the current trading chart of Gold, I found that the buyers are in control and there is the breakout of the ascending triangle in the background.

My first target was reached at the price of $1,930 and there is potential for the rally towards $1,955.

The short-mid term trend is still to the upside and my advice is to watch for buying opportunities on the dips with the target at $1,955

1-Day relative strength performance Finviz

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

Key Levels:

Resistance: $1,931 and $1,955

Support level: $1,913