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 […]

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