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 Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.
