Australia Markets closed

Gold Price Futures (GC) Technical Analysis – November 14, 2017 Forecast

James Hyerczyk

December Comex Gold futures are trading lower shortly before the opening, but recovering nicely from an early session set-back. After spiking to the downside earlier in the session, buyers are close to turning gold positive for the session in reaction to a stronger Euro and weaker U.S. Dollar.

Daily December Comex Gold

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, the market has been rangebound since late September.

A trade through $1263.80 will signal a resumption of the downtrend. This is followed closely by the October 6 main bottom at $1262.80 and the August 8 main bottom at $1257.10.

The main trend will change to up on a trade through $1289.50.

Daily December Comex Gold (Gann Angles)

Daily Technical Forecast

Based on the current price at $1275.20, the direction of the gold market the rest of the session will be determined by whether buyers can overcome a key resistance cluster at $1275.80 to $1277.50.

A sustained move under $1275.80 will indicate the presence of sellers. If this begins to generate enough downside pressure, we could see a retest of today’s support angle at $1269.80.

A sustained move over $1277.50 will signal the presence of buyers. This could trigger a breakout to the upside with the first target a 50% level at $1279.60, followed by a Fibonacci level at $1281.90 and a downtrending angle at $1283.50.

This article was originally posted on FX Empire