Comex Gold Futures (GC) Technical Analysis – November 18, 2014 Forecast

December Comex Gold futures spike higher on Tuesday, finishing the day inside a major retracement zone. Although the main trend is still down on the daily chart since the last main top is still intact, there may be enough upside momentum to continue the rally early in the session today.

The main range is $1255.60 to $1130.40. Its retracement zone is $1193.00 to $1207.80. Sustaining a move over the lower or 50% level at $1193.00 will give the market a bullish spin. This could create enough upside momentum to challenge the upper or Fibonacci level at $1207.80.

A breakout over $1207.80 could lead to a quick move into the next downtrending angle at $1213.60. The daily chart opens up over this angle with another angle at $1234.60 the next potential upside target.

A steep uptrending angle from the $1130.40 bottom moves up to $1194.40 today. This angle forms a loose support cluster with the 50% level at $1193.00. The daily chart opens up to the downside under this area.

Based on the short-term range of $1130.40 to $1204.10, its retracement zone and primary downside target is $1167.20 to $1158.50. Another uptrending angle passes through this zone at $1162.40, making it a valid downside target.

A bullish tone will be established today if $1193.00 holds as support. A sustained move over this angle could lead to a challenge of $1207.80. A failure to hold $1193.00 will indicate the presence of sellers.