FX.co ★ 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.

Further Development

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....

Key Levels:

Resistance: 1,1932

Support levels: $1,799 and $1,786.