Gold Price Futures (GC) Technical Analysis – August 18, 2017 Forecast

December Comex Gold is trading higher on Friday. Today’s rally was strong enough to take out last week’s high but the move stopped short of a pair of main tops.

Technical Analysis

The main trend is up according to the daily swing chart. The trade through $1298.10 reaffirmed the uptrend. If the upside momentum continues then look for the rally to extend into the next two main tops at $1305.50 and $1307.00.

Forecast

Based on the current price at $1301.70, the upside momentum is likely to continue as long as gold stays above the steep uptrending angle at $1296.70.

If today’s rally creates enough upside momentum to clear $1307.00 then watch for a possible acceleration to the upside. The weekly chart indicates the next major target angle comes in at $1338.00.

Momentum will shift to down on a sustained move under $1296.70, but the trend will remain up. This could trigger a further break into the next pair of uptrending angles at $1289.10 and $1284.70.

Basically, look for the upside bias to continue as long as gold remains over $1296.70. Watch for an acceleration to the upside on a move through $1307.00.