Analysis of Gold for November 27,.2020 – Potential for the downside rotation towards $1.800 and $1.786

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Analysis of Gold for November 27,.2020 - Potential for the downside rotation towards .800 and .786

Analysis of Gold for November 27,.2020 – Potential for the downside rotation towards $1.800 and $1.786

Eurozone November final consumer confidence -17.6 vs -17.6 prelim

Economic confidence 87.6 vs 86.0 expected

  • Prior 90.9; revised to 91.1
  • Industrial confidence -10.1 vs -10.9 expected
  • Prior -9.6; revised to -9.2
  • Services confidence -17.3 vs -16.3 expected
  • Prior -11.8; revised to -12.1

Euro area economic confidence slumped on the month amid tighter restrictions across the region and that highlights the struggle with the recovery towards the year-end.

As the restrictions look set to continue until the closing stages of the year, it makes for a very uncertain outlook going into Q1 2021 if the virus situation isn’t contained.

Analysis of Gold for November 27,.2020 - Potential for the downside rotation towards .800 and .786

Further Development

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Analyzing the current trading chart of Gold, I found that Gold is doing consolidation at the price of $1,807 but there is still chance for the downside continuation.

1-Day relative strength performance Finviz

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Based on the graph above I found that on the top of the list we got Coffee and Cooper today and on the bottom Ethanol and Wheat.

Gold is flat on the list….

Key Levels:

Resistance: 1,1932

Support levels: $1,799 and $1,786.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/197064/