FXEMPIRE
All

Gold Price Futures (GC) Technical Analysis – September 13, 2018 Forecast

Based on the early trade on Thursday, the direction of the December Comex Gold futures contract on Thursday will likely be determined by trader reaction to the uptrending Gann angle at $1205.10 and the Fibonacci level at $1215.10. Basically, you can use the retracement zone for direction. A sustained move over $1215.10 will indicate the buying is getting stronger, while a sustained move under $1205.90 will signal that the selling is getting stronger.
James Hyerczyk
Gold Bars and Dollar
Gold Bars and Dollar

Gold futures are trading nearly flat early Thursday after optimism over a possible end to the U.S.-China trade dispute fueled a dramatic reversal to the upside during yesterday’s session. According to reports, senior U.S. officials sent an invitation to their Chinese counterparts to hold another bilateral trade meeting, raising speculation about a subtle shift in Washington policy.

At 0655 GMT, December Comex Gold futures settled at $1210.10, down $0.80 or -0.07%.

Daily December Comex Gold

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1220.70 will signal a resumption of the uptrend. The main trend will change to down on a trade through $1189.50.

The minor trend is also up. It changed back to up on Wednesday when buyers took out the previous minor top at $1212.70. The minor trend will change to down when sellers take out $1192.70. This move will also negate a closing price reversal bottom.

The main range is $1244.70 to $1167.10. The market is currently trading inside its retracement zone at $1205.90 to $1215.10. This zone is controlling the near-term direction of the market.

The minor range is $1167.10 to $1220.70. Its retracement zone at $1193.90 to $1187.60 is support. This zone stopped the selling at $1192.70 on Tuesday. This zone is controlling the direction on the downside.


Suggested Articles


Daily Technical Forecast

Based on the early trade on Thursday, the direction of the December Comex Gold futures contract on Thursday will likely be determined by trader reaction to the uptrending Gann angle at $1205.10 and the Fibonacci level at $1215.10.

Under the current price at $1210.10 is a downtrending angle at $1207.70, the 50% level at $1205.90 and an uptrending Gann angle at $1205.10. Let’s call $1205.90 to $1205.10 a support cluster.

Look for a potential acceleration to the downside if $1205.90 fails as support. The daily chart is wide open to the downside with $1193.90 and $1192.70 the first two targets.

Holding above $1207.70 will signal the presence of buyers. If this can generate enough upside momentum then look for a possible drive into $1215.10. This level is the trigger point for a potential acceleration into the main top at $1220.70, followed by a long-term downtrending Gann angle at $1226.20.

Basically, you can use the retracement zone for direction. A sustained move over $1215.10 will indicate the buying is getting stronger, while a sustained move under $1205.90 will signal that the selling is getting stronger.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US