Comex Gold Futures (GC) Technical Analysis – November 20, 2015 Forecast

December Comex Gold futures are trading higher shortly before the regular session opening. The market took out yesterday’s high during the pre-market session. This helped make $1062.00 a new main bottom while shifting momentum to the upside.

The main trend is down according to the daily swing chart. The new short-term range is $1097.40 to $1062.00. Its 50% level or pivot is $1079.70. The market is currently trading on the strong side of this pivot, giving gold an early upside bias.

Based on the current price at $1083.80, the direction of the market the rest of the session is likely to be determined by trader reaction to a steep uptrending angle at $1078.00. This angle forms a price cluster with the 50% level at $1079.70.

A sustained move over $1079.70 will indicate the presence of buyers. The daily chart indicates there is plenty of room to the upside with the next targets a minor top at $1097.40 and an old bottom at $1103.80.

A sustained move under $1078.00 will indicate the presence of sellers. The next two downside targets are $1070.00 and $1066.00. The latter is the last potential support angle before the $1062.00 main bottom.

Watch the price action and read the order flow at $1079.70 and $1078.00. Trader reaction to these two levels will tell us whether the bulls or the bears are in control.