Gold Price Futures (GC) Technical Analysis – August 17, 2017 Forecast

December Comex Gold futures are trading higher early Thursday, but starting to back off from its high due to the strengthening U.S. Dollar.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1298.10 will signal a resumption of the uptrend. This could trigger a further rally into tops at $1305.50 and $1307.00.

On the downside, the support is the short-term retracement zone at $1277.60 to $1272.80. A trade through the main bottom at $1272.70 will change the main trend to down.

Forecast

Based on the current price at $1291.40 and the earlier price action, the resistance angles are $1294.10 and $1296.10. The latter is the last potential resistance angle before the $1298.10 main top.

The first resistance angle comes in at $1288.70. This is followed by a longer-term uptrending angle at $1285.10.

The daily chart starts to open up to the downside under $1285.10 with the next target angle coming in at $1286.70. This is followed by a support cluster at $1277.60 to $1276.70.