Facebook
 
 

27.11.202015:11 Forex Analysis & Reviews: 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.

Exchange Rates 27.11.2020 analysis

Further Development

Exchange Rates 27.11.2020 analysis

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

Exchange Rates 27.11.2020 analysis

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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
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.

Can't speak right now?
Ask your question in the chat.