FX.co ★ Analysis of Gold for November 05,.2020 - Watch for the breakout of the weekly coil to confirm further direction. Key resistance set at 1.933

Prior 119k

US-based employers announced another 80,666 job cuts in October with the majority of cuts continuing to come from the entertainment/leisure sector i.e. 14,876 reductions.

The total job cuts for the year-to-date stands at 2,162,928, being a record annual total for any given year, although that was already set when the August report came about.

Further Development

Analyzing the current trading chart of Gold, I found that the buyers are in control today and that there is no sign fo any reversal yet.

Anyway, based on the weekly time-frame, I found that t Gold is approaching the important pivot resistance level at $1,933 and that you should watch carefully for the price action around it.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Silver and Platinum today and on the bottom VIX and heating oil.

Gold is positive on the relative strength list...

Key Levels:

Resistance: $1,933

Support levels: $1,848