Gold Price Futures (GC) Technical Analysis – Consolidating Inside Retracement Zone at $1889.70 to $1842.60

Gold Price Futures (GC) Technical Analysis – Consolidating Inside Retracement Zone at $1889.70 to $1842.60

Gold futures are trading higher late in the session on Thursday on concern over the logistics of a potential COVID-19 vaccine roll-out as U.S. case continued to surge, while hopes of more fiscal and monetary stimulus offered support to the precious metal.

Gold was generally supported by a plunge in U.S. Treasury yields that drove the U.S. Dollar lower. The drop in the greenback made dollar-denominated gold a more attractive investment.

Daily December Comex Gold Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1848.00 will signal a resumption of the downtrend. The main trend will change to up on a move through $1966.10.The main range is $1690.10 to $2089.20. The market is in a position to close inside its retracement zone at $1889.70 to $1842.60 for the fourth straight session. This tells us that this zone is controlling the near-term […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet