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Comex Gold Futures (GC) Technical Analysis – November 26, 2015 Forecast

By:
James Hyerczyk
Published: Nov 26, 2015, 01:20 UTC

February Comex Gold futures continued to drift sideways to lower on Wednesday. With today being a U.S. holiday, we can expect much of the same type of

Daily February Comex Gold

February Comex Gold futures continued to drift sideways to lower on Wednesday. With today being a U.S. holiday, we can expect much of the same type of trading today.

Daily February Comex Gold
Daily February Comex Gold

The main trend is down according to the daily swing chart. The short-term range is $1062.40 to $1087.30. Its pivot or 50% level is $1074.90. This level is essentially controlling the short-term direction of the market.

Based on yesterday’s close at $1070.10, the first support angle comes in at $1068.40. This is followed by the next uptrending support angle at $1065.40. This is the last angle before the $1062.40 main bottom.

The first upside target is a potential resistance cluster at $1074.40 to $1074.90. This area is also a trigger point for an acceleration to the upside since the next upside target doesn’t come in until $1086.40.

Overcoming $1086.40 will put gold in a bullish counter-trend position. It could generate enough upside momentum to fuel a rally into the minor high at $1087.30. Once this level goes then look for a drive into a long-term downtrending angle at $1099.20.

Watch the price action and read the order flow at $1068.40 today. Trader reaction to this angle will tell us whether there is a buyer out there, or if sellers are still running the show. Volume is expected to be light so don’t get caught buying strength or selling weakness. Let the market come to you in today’s shortened trading session. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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