Gold Price Futures (GC) Technical Analysis – September 26, 2017 Forecast

December Comex Gold futures are under pressure early Tuesday. The catalyst behind the selling are reduced tensions over North Korea and the sharply higher U.S. Dollar.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The new main bottom is $1291.20. A trade through this level will signal a resumption of the downtrend. It will also make $1317.10 a new main top.

If the downside momentum continues under $1291.20 then look for the selling to extend into the main bottom at $1281.30.

The main range is $1281.30 to $1362.40. Its 50% level at $1321.90 is resistance. Trading on the weak side of this level is helping with the market’s downside bias. Momentum will shift back to the upside if buyers can overcome the 50% level.

Daily Forecast

Based on the current price at $1304.10 and the earlier price action, the key downtrending resistance angle today is $1314.40. This angle stopped the rally earlier in the session.

The first downside target angle comes in at $1302.30. If this angle fails then look for the selling to extend into the next uptrending angle at $1291.80. This is the last potential support angle before the $1291.20 and $1281.30 main bottoms.

Holding $1302.30 then overcoming the downtrending angle at $1314.40 will signal the return of buyers. Overtaking this angle could drive gold into at least $1321.90.

Essentially, look for the selling to continue today if $1302.30 fails as support and for a short-covering rally to begin if buyers can take out $1314.40.