Gold Price Futures (GC) Technical Analysis – September 6, 2017 Forecast

December Comex gold futures are trading slightly lower shortly before the regular session opening. There was no follow-through to the upside after yesterday’s strong rally. The current inside move indicates investor indecision and impending volatility.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1349.70 will signal a resumption of the uptrend. This could spike the market into the November 9, 2016 main top at $1353.00. This could stop the rally on the initial test. However, overcoming this level could trigger an acceleration into the September 22, 2016 main top at $1363.80.

The new short-term range is $1302.30 to $1349.70. If there is a correction then look for a possible pullback into its retracement zone at $1326.00 to $1320.40.

Forecast

Based on the current price at $1344.30, the market can move in either direction. Lower Treasury yields and a drop in demand for risky assets could drive prices higher and into $1349.70, followed closely by $1353.00.

If Treasury yields rise along with stocks then look for gold to pullback into $1337.50. Since the main trend is up, look for buyers to show up on the first test of this angle. If it fails to hold then look for a possible acceleration into the short-term uptrending angle at $1326.30.

Today’s price action will be dictated by momentum and external news events.