FX.co ★ Analysis of Gold for October 09,.2020 - Both upside targets reached and potential for the next upside trget at $1.915

It looks like today's talks aren't going to last that long, so I'm not sure if that can be taken as a positive sign given how recent developments are going. Either way, there will be no official statements from both sides as negotiations this week are "informal".

There will be more talks again next week, before we get to the European Council meeting on 15-16 October. Tick tock, tick tock.

Further Development

Analyzing the current trading chart of Gold, I found that Gold reached both of our yesterday's targets at $1,898 and $1,906.

Anyway, I still expect further upside and potential for test of the next upper targets at $1,935 and $1,950.

Watch for buying opportunities on the dips.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lean Hogs and Lumber today and on the bottom Gasoline RBOB and Cocoa.

Key Levels:

Resistance: $1,920, $1,935 and $1,950

Support levels: $1,912 and $1,906