Comex Gold Futures (GC) Technical Analysis – November 27, 2015 Forecast

February Comex Gold futures finished slightly higher during Thursday’s abbreviated electronic trading session but the move didn’t mean much because it took place with limited volume. Sellers were ready when trading resumed on Friday, however. The early selling pressure is giving the market a downside bias going into today’s regular session opening.

The main trend is down according to the daily swing chart. The new short-term range is $1062.40 to $1087.30. Its pivot is $1074.90. This price is controlling the short-term direction of the market.

Based on Thursday’s close at $1071.10, the first angle to watch comes in at $1069.40.

A sustained move under $1069.40 will signal the presence of buyers. This could create enough upside momentum to challenge the pivot at $1074.90 and the uptrending angle at $1076.40.

The uptrending angle at $1076.40 is the trigger point for an acceleration to the upside. The daily chart shows there is plenty of room to rally with the next major resistance points coming in at $1090.40 and $1095.20.

A sustained move under $1069.40 will indicate the presence of sellers. The first target is an uptrending angle at $1065.90. This is the last potential uptrending angle before the $1062.40 main bottom.

A trade through $1087.30 will turn the main trend to up on the daily chart while a trade through $1062.40 will signal the resumption of the downtrend.

The market is currently being driven lower by the stronger U.S. Dollar and equity markets. One trading model suggests that gold futures could break to $966.50 by December 10.

Watch the price action and read the order flow at $1069.40 today. Trader reaction to this angle will tell us whether the bulls or the bears are in control.