Gold Price Futures (GC) Technical Analysis – Buyers Could Take Shot at New High Into Close

Gold futures are trading higher shortly before the close on Friday. The market is being supported by a weaker U.S. Dollar, concerns over slowing economic growth and volatile price swings in the U.S. equity markets. Earlier in the session, the market poked through its July 9 top at $1284.10, but found resistance as it approached Fibonacci resistance.

At 2116 GMT, February Comex gold is trading $1282.90, up $1.80 or +0.14%.

Daily Swing Chart Analysis

The main trend is up according to the daily swing chart. This was reaffirmed on Friday when buyers took out the July 9 main top at $1284.10. However, sellers came in or buyers pulled bids when the market hit $1284.70, slightly below the major 50% level at $1285.70.

The major retracement zone resistance is $1285.70 to $1312.30.

The minor range is $1236.50 to $1284.70. Its 50% level or pivot comes in at $1260.60.

The intermediate range is $1216.80 to $1284.70. Its 50% level or pivot provides additional support at $1250.80.

The main range is $1202.40 to $1284.70. Its retracement zone at $1243.60 to $1233.80 is the best support zone.

Daily Swing Chart Technical Forecast into Close

Based on the current price at $1282.90, gold is currently in a position to make a run at today’s high at $1284.70, followed by the major 50% level at $1285.70. With the stock market finishing mixed, investors may take a shot at a new high at the close.

A lower close will produce a daily closing price reversal top. This will also indicate the selling is greater than the buying at current price levels. This chart pattern won’t change the trend, but it could lead to the start of a 2 to 3 day correction.