Gold Price Futures (GC) Technical Analysis – August 8, 2018 Forecast

December Comex gold futures are trading lower shortly after the U.S. opening. The market is giving back earlier gains because of a reversal to the upside in the U.S. Dollar.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1212.50 will signal a resumption of the downtrend. A move through $1244.70 will change the main trend to up.

The minor trend is down. A trade through $1237.80 will change the minor trend to up. This will also shift momentum to the upside.

The short-term range is $1244.70 to $1212.50. Its 50% level or pivot at $1228.60 is resistance.

The main range is $1278.20 to $1212.50. If the trend changes to up then its retracement zone at $1245.40 to $1253.10 will become the primary upside target.

Daily Technical Forecast

Based on the early price action, the direction of the December Comex gold futures market is likely to be determined by trader reaction to the downtrending Gann angle at $1220.70.

A sustained move under $1220.70 will indicate the presence of sellers. If this creates enough downside momentum then we could see a test of $1212.50. Taking out this bottom will signal a resumption of the downtrend. This could trigger the start of an acceleration to the downside.

Overtaking and sustaining a rally over $1220.70 will signal the presence of buyers. This is a potential trigger point for an acceleration into the pivot at $1228.60.

Look for a technical bounce on the first test of $1228.60, but overcoming it could trigger a spike into a pair of downtrending Gann angles at $1232.70 and $1234.20.