Gold Price Futures (GC) Technical Analysis – Surprisingly Strong With $1496.40 to $1498.70 Near-Term Targets

On the upside, the targets are a pair of uptrending Gann angles at $1496.70 and $1498.70. Crossing to the strong side of these angles will put gold in an extremely bullish position. This could trigger an acceleration into the main top at $1532.40.  
James Hyerczyk
Comex Gold

Gold prices continue to hold onto gains late Tuesday despite a recovery in the stock market, a stronger U.S. Dollar and firmer Treasury yields. Traders are saying the market is being underpinned by rising uncertainty about economic growth. The price action suggests that gold buyers may be digging in for the long haul and may not be willing to react to every short-term news event.

At 17:56 GMT, December Comex gold is trading $1483.50, up $7.00 or +0.46%.

Gold traders appear to be looking at the long-term potential for gold especially since it looks like the United States and China are in no position to end the current trade dispute. Goldman Sachs even said earlier today that it doesn’t expect an end to the conflict before the November 2020 election. Gold traders may be betting on a recession to hit the economy before then.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The next major upside target is the March 14, 2014 main top at $1532.40. A trade through $1412.10 will change the main trend to down.

There is the danger of a short-term reversal to the downside if the dollar and equity markets get exceptionally strong. The same goes for a surge in Treasury yields.

Daily Technical Forecast

On the downside, the nearest support angle comes in at $1460.10. If this angle fails then prices could retreat into the next uptrending Gann angle at $1436.10.

On the upside, the targets are a pair of uptrending Gann angles at $1496.70 and $1498.70. Crossing to the strong side of these angles will put gold in an extremely bullish position. This could trigger an acceleration into the main top at $1532.40.

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