Gold Price Futures (GC) Technical Analysis – Gold Spikes Higher after Dow Plunges 100+ Points

Flight-to-safety buying is driving December Comex gold prices sharply higher on Thursday. Traders are reacting to a 100 point drop in the Dow Jones Industrial Average.

Technically, the main trend is up according to the daily swing chart. The next major upside target is the June 6 top at $1305.50. Falling back below the previous top at $1280.30 will signal the buying is getting weaker and the selling is getting weaker.

Gann angle support comes in at $1282.50. If this angle fails then look for a fast break into the former top at $1280.30. The daily chart is wide open under this level with the next target the major Fibonacci level at $1269.40.

If the buying continues to generate upside momentum then the next target angle is $1294.00. This is the last potential resistance angle before the $1305.50 main top.

Look for a strong upside bias as long as $1282.50 holds as support.