Comex Gold Futures (GC) Technical Analysis – August 10, 2015 Forecast

December Comex Gold posted an outside move, higher close on Friday. The move suggests that maybe this market has enough upside momentum to finally breakout to the upside after ten days of consolidation.

The main trend is down according to the daily swing chart. The short-term range is $1073.70 to $1104.90. Its pivot at $1089.30 is controlling the short-term direction of the market. The close over this level indicates the presence of buyers.

On Friday, the market held an uptrending angle from the $1073.70 main bottom. This angle moves up to $1084.70 today. The next uptrending support angle comes in at $1079.20. This is the last angle before the $1073.70 main bottom.

A trade through $1073.70 will signal a resumption of the downtrend. The first target is a steep downtrending angle at $1063.30. Crossing to the weak side of this angle will put the market in an extremely bearish position.

A sustained mover over the pivot at $1089.30 will signal the presence of buyers. This may create enough upside momentum to overtake the uptrending angle at $1095.70. The daily chart indicates there is plenty of room to the upside over this angle with the next target another uptrending angle at $1117.70.

The angle at $1117.70 is also a potential breakout price. The next target above this is a downtrending angle at $1135.30. If a major bottom has formed then look for this rally to extend over the near-term into at least $1140.50 to $1156.30.

The direction of the market today is likely to be determined by trader reaction to the pivot at $1089.30.