Gold Price Futures (GC) Technical Analysis – December 11, 2017 Forecast

February Comex Gold futures are holding steady after reports of an explosion at a terminal at New York City’s Port Authority. The news caused stocks prices to turn lower and sent investors into the safe haven U.S. Treasury market and the Japanese Yen.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade though $1244.40 will signal a resumption of the downtrend with $1225.10 the next target. The market is far from turning the trend to up, but there is room for a short-covering rally.

The Fibonacci level at $1272.30 is major resistance.

Daily Technical Forecast

Based on the current price at $1250.40 and the earlier price action, the market could move in either direction since it is being driven by a news event.

If sellers retake control then we could see a test of last week’s low at $1244.40. If this price fails then look for a test of a long-term uptrending Gann angle at $1241.50. This is the last potential support angle before the $1214.50 main bottom and the trigger point for an acceleration to the downside.

If buyers take control then we could see a short-covering rally into a steep downtrending Gann angle at $1263.40.

If this day shapes up to be news driven then look for volatility and a possible two-sided trade.