Comex Gold Futures (GC) Technical Analysis – August 13, 2015 Forecast

December Comex Gold rallied slightly higher during the pre-market session, but a rebound by the U.S. Dollar encouraged some light profit-taking at $1126.30.

The main trend is down on the daily swing chart, but this week’s acceleration to the upside indicates a slight shift in momentum to up.

The first upside target today is a potential resistance cluster formed by a downtrending angle at $1129.30 and an uptrending angle at $1129.70. This is the key area that bullish traders have to overcome today to sustain the move.

The main range is $1207.30 to $1073.70. Its retracement zone is $1140.50 to $1156.30. This is the primary upside target of this rally. Taking out the uptrending angle at $1129.70 could trigger enough upside momentum to at least test the 50% level at $1140.50.

A failure to reach the objectives today will indicate that the buying is over. This may be taking place during the pre-market session. Speculative buyers who went long earlier in the week have to be very careful with their positions because the daily chart indicates there is no support until $1101.70. This is today’s first downside target.

Today’s U.S. Retail Sales report at 8:30 a.m. ET could create a volatile reaction by the U.S. Dollar. If the report is bullish and the dollar rallies then look out below because gold could break $20.00. If the report is bearish and gold rallies then don’t expect too much of a move unless $1129.70 is taken out with conviction.