For Traders

Analytical Reviews

Technical analysis

23.10.202013:28 Forex Analysis & Reviews: Analysis of Gold for October 23,.2020 - Rejection of the support trendline and potential for the rally towards $1.930

Tieto informácie poskytujeme retailovým a profesionálnym klientom ako súčasť marketingovej komunikácie. Neobsahujú investičné poradenstvo, investičné odporúčania, ponuku ani výzvu na vykonanie transakcie alebo použitie stratégie na finančných nástrojoch a ani by sa tak nemalo s nimi zaobchádzať. Minulá výkonnosť nie je zárukou ani predikciou budúceho výkonu. Spoločnosť Instant Trading EU Ltd. neručí a nepreberá žiadnu zodpovednosť za správnosť a úplnosť poskytovaných informácií ani za stratu, ktorá by vyplynula z akejkoľvek investície založenej na analýze, predpovedi alebo iných informáciách poskytnutých zamestnancom spoločnosti alebo iným spôsobom. Celé vylúčenie zodpovednosti nájdete tu.

Latest data released by Markit - 23 October 2020

Prior 53.7

Services PMI 46.2 v 47.0 expected
Prior 48.0
Composite PMI 49.4 vs 49.2 expected
Prior 50.4

The readings here fit with the narrative with what we have seen from the German and French readings - more so the former - earlier in the past 45 minutes.

It reaffirms a two-paced 'recovery', where the manufacturing sector is keeping more resilient overall while the services sector momentum continues to fade into Q4.

Further Development

Analyzing the current trading chart of Gold, I found that there is potential completion of the downside corretion, which is sign for further rise.

I would watch for buying opportunities with the targets at $1,931 and $1,955.

Stochastic just came out from oversold zone and there is the fresh bull cross, which is another sign for the furher rise....

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Crude Oil and Lumber today and on the bottom Natural Gas and Lean Hogs.

Key Levels:

Resistances: $1,931 and $1,955.

Support levels: $1,894

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.