FXEMPIRE
All

Comex Gold Futures (GC) Technical Analysis – August 28, 2015 Forecast

James Hyerczyk
Daily December Comex Gold
Daily December Comex Gold

December Comex Gold is called higher shortly before the cash market opening. The main trend is up according to the daily chart, but momentum has shifted to the downside. The direction of the market the rest of the session will be determined by trader reaction to the movement by the stock indices and the U.S. Dollar.

Daily December Comex Gold

Currently, the key angles that are guiding the market slightly higher are at $1124.50 and $1123.70. Additional support is a short-term 50% level at $1121.70. If selling pressure blows up support then look for an acceleration down to the Fibonacci level at $1110.40.

Gold could accelerate to the downside if $1110.40 fails because it will likely lead to a break through the main bottom at $1108.50. Taking out this bottom will turn the main trend to down on the daily chart. This price is also a trigger point for an acceleration down to angles at $1098.70 and $1086.20. The latter is the last potential support angle before the $1073.70 main bottom.

If enough buying comes in to hold the market above the support angles at $1124.50 and $1123.70 as well as above the 50% level at $1121.70 then look for the rally to extend into a steep downtrending angle at $1137.80.

A break out over $1137.80 is likely to challenge a resistance cluster at $1140.50. This could trigger an acceleration into a downtrending angle at $1153.80.

Watch the price action and read the order flow at $1124.50 and $1123.70. This will tell us whether buyers are still coming in to support the market, or if sellers are winning the battle. However, don’t expect a sharp break unless $1121.70 is taken out with conviction. 

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US