Gold Price Futures (GC) Technical Analysis – Strengthens Over $1889.70, Weakens Under $1877.10
Gold futures rose early Thursday as renewed hopes for more US stimulus kept gold afloat and investors kept an eye on weekly jobless claims data to further gauge the health of the world's largest economy.
At 05:45 GMT in December, Comex Gold Futures are trading at $ 1,892.60, an increase of $ 1.80 or + 0.10%.
Prices fell on Wednesday despite President Trump withdrawing the order to suspend the business cycle negotiations. After Trump halted negotiations on a new stimulus agreement, he wrote on Twitter that Congress should pass away money for airlines, small businesses, and US $ 1,200 stimulus checks for individuals.
Comex Gold daily in December
Daily swing chart technical analysis
The main trend is down, according to the daily swing chart. A trade above $ 1927.00 will change the main upward trend. A move through USD 1851.00 signals a resumption of the downtrend.
The small trend is also down. A trade above $ 1877.10 will reaffirm the minor downtrend.
The market finds itself between a series of levels of retracement that can result in a choppy, two-way trade until the market breaks out of its narrow trading range.
On the other hand, the support is $ 1889.70 and $ 1880.00. On the upside, the potential resistance is at $ 1902.10 and $ 1917.40.
Daily Swing Chart Technical Forecast
Based on the early price move, the direction of Comex gold in December on Thursday will likely be determined by the trader's reaction to the main 50% level at $ 1889.70.
A sustained move above $ 1889.70 indicates the presence of buyers. The first upside target is $ 1902.10. This level stopped the rally on Wednesday. Overtaking this level could result in a test of $ 1917.40. The main trend will change to the upside when buyers can take out $ 1927.00.
The daily chart shows that there is plenty of room above $ 1927.00. So don't be surprised by a short-term acceleration to $ 1970.10.
A sustained move below $ 1889.70 will signal the presence of sellers. This could trigger a dip in $ 1880.00, followed closely by $ 1877.10. This is a potential trigger for an acceleration of the next potential downside targets at $ 1851.00 and $ 1842.60.
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This article was originally published on FX Empire
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