VIP Analysis report 15/09/2020 by Peter Cruz

Mr. Peter

Anggota Staf
Analyst: Peter Cruz

Market Brief

Spot gold has carved out a descending triangle on the daily chart. The yellow metal is currently trading near the upper end of the triangle. Having jumped 0.89% on Monday, gold is now closing on the upper end of the four-week-long descending triangle pattern seen on the daily chart. A close above the triangle resistance, currently at $1,970, would imply revival of the broader uptrend with the first resistance at $1,992 (Sept. 1 high). On the downside, the triangle support at $1,909 is the level to beat for the bears.

All eyes are on the FOMC meeting results tomorrow.

On the data slate there’s UK Claimant Count; UK Unemployment Rate; UK Average Earnings; Switzerland Producer and Import Prices; Euro-Zone ZEW Survey; Euro-Zone Labour Cost; German ZEW Survey; US NY Empire State Manufacturing Index; US Import & Export Price Indices; US Redbook Index; US Industrial Production; US Capacity Utilization and US Weekly Crude Oil Stock.

(a) Precious Metals Market

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