FX.co ★ Analysis of Gold forSeptember 01,.2020 - Watch for the breakout of the intraday contraction to confirm direction

his time around, China says that it found "harmful insects" in barley imports from Australian firm CBH Grain - the country's largest exporter of grain products.

Again, this just adds to the ongoing economic impact that is slowly being heaped on by China towards Australia and isn't a positive development for the aussie

The Gold is locked in the contraction on Bollinger bands and I would watch for the breakout of the trading range to confirm further direction.

Further Development

Analyzing the current trading chart of Gold, I found that there is potential for the breakout due to contraction in last few hours.

The upside breakout of the resistance at $1,992 may lead Gold for test of $2,000

The downside breakout of support at $1,984 may lead Gold for test of $1,975

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Ethanol and Platinum today and on the bottom Orange Juice and Nautral Gas

Key Levels:

Resistance: $1,992

Support level: $1,984