Comex Gold Futures (GC) Technical Analysis – November 19, 2015 Forecast

December Comex Gold futures have a slight upside bias shortly before the New York opening. The market is rebounding after reaching a multi-year low at $1062.00 on Wednesday. It is currently straddling the former bottom at $1073.70 from July. This indicates that yesterday’s break may have been an exhaustive move.

The main trend is down. However, a new minor bottom has formed at $1062.90.

The new minor range is $1097.40 to $1062.90, making its pivot at $1080.20 the key area to watch today.

Based on the current price at $1072.80, the first level to watch is $1073.70. A sustained move over this level will indicate the presence of buyers.

A sustained move over the pivot at $1080.20 offers the best opportunity for an acceleration to the upside because the next target over this level is $1097.40 to $1097.70.

If sellers come in to defend $1073.70 then look for the downside pressure to resume with $1062.00 the next target. The nearest downtrending angle comes in at $1155.10. Crossing to the weak side of this angle will put gold in an extremely bearish position.

Watch the price action and read the order flow at $1073.70 today. Trader reaction to this level will tell us whether the bulls or the bears are in control.