Yahoo Finance Gold Price Futures (GC) Technical Analysis – December 08, 2017 Forecast
February Comex Gold futures are trading lower shortly before the regular session opening and the release of the closely watched U.S. Non-Farm Payrolls report at 1330 GMT. It is expected to show the U.S. economy added 198,000 jobs in November. The unemployment rate is expected to come in unchanged at 4.1% and Average Hourly Earnings are expected to rise 0.3%.
Gains are likely to be limited if the NFP numbers come out as expected. Gold could rally if the report substantially misses the estimates.
Daily Technical Analysis
The main trend is down according to the daily swing chart. The market is in no position to turn the main trend to up, but today is the 9th day down from the last swing top at $1303.40 so the session will begin with the market in the “window of time” for a potentially bullish closing price reversal bottom.
Overtaking the previous bottom at $1253.50 will indicate that sellers are lightening up and perhaps the short-covering is getting stronger. If this occurs then former main bottoms at $1261.00, $1267.00 and $1268.10 will become new targets.
The main range is $1214.50 to $1365.80. Its retracement zone at $1272.30 to $1290.20 is resistance.
Daily Technical Forecast
Based on the current price at $1248.30, the first downside target is the long-term uptrending Gann angle at $1241.50. We could see a technical bounce on the first test of this angle, but if it fails then look for a steep sell-off into main bottoms at $1225.10 and $1214.50.
On the upside, the primary targets are a long-term uptrending Gann angle at $1268.00 and the main Fibonacci level at $1272.30.
This article was originally posted on FX Empire
