Comex Gold Futures (GC) Technical Analysis – November 4, 2015 Forecast

James Hyerczyk
Daily December Comex Gold
Daily December Comex Gold

December Comex Gold futures finished sharply lower on Tuesday as investors continued to exit long positions ahead of Friday’s U.S. Non-Farm Payrolls report. Traders estimate the report will show the economy added 179K jobs in October. This would be enough, in their opinion, to give the Fed the evidence it needs to raise interest rates as early as December.

Daily December Comex Gold

On Tuesday, gold closed at $1114.10. This puts it in a position to test a pair of angles today at $1115.30 and $1103.10.

Yesterday, the market tested the angle that moves up to $1115.30 today. This is the last potential support angle before the October 2 main bottom at $1103.80.

A sustained move over $1115.30 today will indicate the presence of buyers. It may not be aggressive new longs, however, but only profit-taking and short-covering, following the prolonged break from $1183.10.

Taking out the main bottom at $1103.80 will reaffirm the downtrend. Crossing to the weak side of the steep downtrending angle at $1103.10 will put gold in an extremely bearish position. This could trigger the start of an acceleration to the downside with the July 24 main bottom at $1073.70 the primary downside target.

Based on yesterday’s close at $1114.10, look for a bullish tone to develop on a sustained move over $1115.30 and for a bearish tone to develop on a sustained move under $1103.10. Holding both of this levels will lead to a choppy, two-sided trade. 

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.