Gold Price Futures (GC) Technical Analysis – August 12, 2019 ForecastBased on the early price action, the direction of the December Comex gold market the rest of the session is likely to be determined by trader reaction to the uptrending Gann angles at $1518.20 and $1512.40.
Gold futures are trading higher on Monday in response to political unrest in Hong Kong. The market was under pressure early in the session, but turned positive after the Hong Kong government cancelled all airport departures for the remainder of the day, citing serious disruptions due to intensifying protests. The news also drove down U.S. equity markets and global bond yields, making gold a more attractive investment.
At 12:02 GMT, December Comex gold is trading $1515.90, up $7.40 or +0.50%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through $1522.70 will signal a resumption of the uptrend. This could trigger a surge into the March 14, 2014 main top at $1532.40. This price is a potential trigger point for an acceleration to the upside.
The main trend will change to down on a move through $1412.10. This trend is same for now, but there is room for a 50% to 61.8% retracement of the recent rally.
The short-term range is $1412.10 to $1522.70. If the selling pressure resumes and sellers take out $1498.60 then look for the start of a move into its retracement zone at $1468.20 to $1455.20. Since the main trend is up, look for buyers on a pullback into this area.
Daily Technical Forecast
Based on the early price action, the direction of the December Comex gold market the rest of the session is likely to be determined by trader reaction to the uptrending Gann angles at $1514.50 and $1512.40.
A sustained move over $1514.50 will indicate the presence of buyers. The first target is last week’s high at $1522.70.
Crossing to the bullish side of the steep uptrending Gann angle at $1524.10 will put gold in an extremely strong position. This should create the upside momentum to overtake the main top at $1532.40. Watch for an acceleration to the upside on a move over this level.
A sustained move under $1512.40 will signal the presence of sellers. The daily chart is wide open under this angle with the next target a potential support cluster at $1468.20 to $1468.10. Since the trend is up, look for buyers on the first test of this area. If it fails to attract buyers then look for the selling to extend into the next support cluster at $1455.20.