Analysis of Gold for November 27,.2020 – Potential for the downside rotation towards $1.800 and $1.786
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.
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
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….
Support levels: $1,799 and $1,786.
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