Short-covering continued to drive the December Comex Gold futures contract higher on Thursday. The market is now $42.00 off of its bottom at $1183.30 from
Short-covering continued to drive the December Comex Gold futures contract higher on Thursday. The market is now $42.00 off of its bottom at $1183.30 from earlier in the week.
Daily December Comex Gold
The main trend is still down on the daily chart, but the market seems to be poised to complete a retracement of the $1324.30 to $1183.30 trading range. This makes $1253.80 to $1270.40 the next major upside target.
The first resistance angle drops in at $1236.30. This is followed by another angle at $1280.30.
On the downside, the first support angle comes in at $1215.30, followed by angles at $1199.30 and $1191.30.
The short-term range is $1183.30 to $1234.00. Its pivot at $1208.60 is controlling the short-term direction of the market. Trader reaction to this price level will determine the tone for the day.
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.
