FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
Daily December Comex Gold
Daily December Comex Gold

December Comex Gold futures posted a lower-high, lower-low and a lower-close on Friday. This makes $1234.00 a new minor top. The main trend is down, but a new minor range was formed between $1183.30 and $1234.00. This makes its pivot at $1208.60 the next potential downside target.

The first angle to watch today is $1223.30. Based on the close at $1221.70, the market is expected to open weak. This sets up an initial test of the 50% level at $1208.60, followed by a pair of angles at $1203.30 and $1193.30.

Advertisement
Know where Gold is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Daily December Comex Gold

If this market is setting up to move higher, then it has to pick up support on a pullback into the pivot at $1208.60 or the uptrending angles at $1203.30 and $1193.30. Bullish traders will try to form a secondary higher bottom.

On the upside, the first target is a long-term downtrending angle at $1234.30. The daily chart opens up over this angle with the next target the September 23 minor top at $1237.00 and a major 50% level.

The main range is $1324.30 to $1183.30. The retracement zone at $1253.80 to $1270.40 is the next major upside target, followed by a downtrending angle at $1279.30.

Watch the price action and order flow on a test of the pivot at $1208.60. Counter-trend buyers may show up at this level to support the market. This should correspond with a break in the U.S. Dollar.

If support for the dollar begins to erode considerably then watch for a possible breakout over the downtrending angle at $1234.30. 

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

Trade With A Regulated Broker