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James Hyerczyk
Comex Gold

Gold prices are trading lower late Thursday, pressured by a report that China has invited top U.S. negotiators for a new round of talks. The announcement rekindled some hopes regarding the U.S.-China trade deal. However, losses are being limited by persistent rumors stating that negotiations between the two economic powerhouses have hit a snag over the U.S.’s reluctance to rollback tariffs.

At 18:18 GMT, December Comex gold futures are trading $1465.40, down $8.80 or -0.60%.

Daily December Comex Gold

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through $1446.20 will signal a resumption of the downtrend after a seven-day counter-trend move. The main trend will change to up on a trade through $1522.30.

The minor trend is up. It turned up earlier in the week when buyers took out the minor top at $1475.50. A trade through $1456.60 will change the minor trend to down. This will also shift momentum to the downside.

The main range is $1396.40 to $1566.20. The market is currently trading inside its retracement zone at $1481.30 to $1461.30.

The intermediate range is $1412.10 to $1566.20. Its retracement zone at $1489.20 to $1471.00 is also acting like resistance.

The short-term range is $1566.20 to $1446.20. Its retracement zone at $1506.20 to $1520.40 is also a potential upside target.


Daily Technical Forecast

Based on the early price action and the current price at $1465.40, the direction of the December Comex gold futures contract into the close on Thursday is likely to be determined by trader reaction to the intermediate Fibonacci level at $1471.00 and the main Fibonacci level at $1461.30.

Bullish Scenario

A sustained move over $1471.00 will indicate the presence of buyers. This could trigger a further rally into the minor top at $1479.20 and the main 50% level at $1481.30.

Bearish Scenario

A sustained move under $1461.30 will indicate the selling pressure is getting stronger. This could trigger a further break into the minor bottom at $1456.60, followed by the main bottom at $1446.20.

Side Note

Trading between $1461.30 and $1471.00 on low volume could create extremely choppy trading conditions.

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