Gold Price Futures (GC) Technical Analysis – December 15, 2017 Forecast

February Comex Gold is trying to make another move to the upside shortly after the U.S. opening. The market is being underpinned by lower Treasury yields and concerns over U.S. tax reform. Gold could get a boost later in the session if the U.S. Dollar weakens and investors shed risky assets.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The market is far from changing the main trend to up, but there is room to the upside for a 50% to 61.8% retracement of the break from $1303.40 to $1283.30. This target zone is $1270.90 to $1278.50. Since the main trend is down, sellers are likely to come in on a test of this zone.

Additional resistance is a major long-term Fibonacci level at $1272.30.

Daily Technical Forecast

Based on the early trade, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the steep uptrending Gann angle at $1262.30.

A sustained move over $1262.30 will signal that the buying is getting stronger. This could trigger an acceleration into the resistance cluster at $1270.90 to $1272.30, followed by a downtrending angle at $1275.40. Since the trend is down, sellers are likely to show up on a test of this area. Counter-trend buyers who bought near the bottom are likely to start taking profits on a test of this zone.

A sustained move under $1262.30 will indicate the presence of sellers. The daily chart is open to the downside with the first major target angle coming in at $1250.30.