Gold Price Futures (GC) Technical Analysis – Trend Changes to Up on Trade Through $1927.00
Gold futures were up over 1% on Friday on a weaker US dollar, targeting a second straight weekly profit. The metal's appeal as an inflation hedge was bolstered by renewed optimism about a new U.S. coronavirus bailout package.
At 08:12 GMT, Comex Gold is trading $ 23.90 in December 1919.00, up $ 23.90 or + 1.26%.
Negotiations between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on the coronavirus relief plan have resumed. Additionally, a growing lead for Democratic presidential candidate Joe Biden was seen as a trailblazer for great economic momentum.
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 step through USD 1877.10 signals a resumption of the downtrend.
On the flip side, the support is at $ 1902.10 at 50%, at $ 1889.70 at 50%, and at $ 1880.00 at Fibonacci.
The minor range is between $ 1983.80 and $ 1851.00. Gold is currently testing its 50% level at $ 1917.40. This level will likely determine the direction of today's market.
The short-term range is between $ 2089.20 and $ 1851.00. The retracement zone at $ 1970.10 to $ 1998.20 is the primary upside target.
Daily Swing Chart Technical Forecast
Based on the early price move, the direction of the Comex gold futures market in December on Friday will likely be determined by the trader's reaction to $ 1917.40.
A sustained move above $ 191.40 indicates the presence of buyers. The next target is the main top at $ 1927.00. If you take this level out, the main trend will change upwards. This could trigger an upward acceleration with the next target zone from $ 1970.10 to $ 1998.20. Within this zone, the main spike is at $ 1983.80, which also makes it a valid upside target.
Any continued move below $ 1917.40 will signal the presence of sellers. This could result in an arduous break with potential downside targets at $ 1902.10, $ 1889.70, $ 1880.00 and a major low at $ 1877.10. The latter is a possible trigger point for a downward acceleration.
In our economic calendar you will find all economic events of today.
This article was originally published on FX Empire
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