Gold Price Futures (GC) Technical Analysis – August 11, 2017 Forecast

December Comex Gold prices are trading at a two-month high. On the daily chart, the market is attempting to breakout above a downtrending Gann angle from the June 6 top at $1305.50. The angle is at $1294.80.

A sustained move over $1294.80 will indicate the buying is getting stronger with $1305.50 the next upside target.

A failure to sustain the breakout over $1294.80 will signal the presence of sellers with the nearest support angle coming in at $1283.00. This could trigger an acceleration to the downside with $1269.40 the next potential target.

Weekly Chart Analysis

The main trend is still down according to the weekly chart. The trend will turn up on a move through $1305.50. Taking out the next main top at $1307.00 will reaffirm the uptrend. The next two targets over $1307.00 are main tops at $1392.60 and $1396.00.

The main range is $1396.00 to $1139.70. Its retracement zone is $1267.90 to $1298.10. Gold is currently trading inside this zone.

Forecast

Using a combination of the daily/weekly charts is the best way to look the gold market since the upside momentum is strong on both charts.

A sustained move over $1294.80 will indicate the presence of buyers. This could create the upside momentum needed to challenge the weekly Fibonacci level at $1298.10. Overtaking this level will likely lead to a test of the pair of tops on the weekly chart at $1305.50 and $1307.00.

Taking out $1307.00 will signal that the buying is getting stronger. The weekly chart is wide open to the upside with $1339.00 the next target, followed by another downtrending angle at $1367.50. This is the last potential resistance angle before the tops at $1392.60 and $1396.00.

If buyers can sustain a move over $1294.80 today then look for a possible break back into $1283.00 to $1282.00.

If $1282.00 fails as support then the next targets become $1269.40 to $1267.90.

Bullish daily chart watches would like to see an early move through $1294.80. For bullish weekly chart watchers, the key number is $1298.10.

Both charts agree that the major trigger point for an acceleration to the upside is $1307.00.