Gold Price Futures (GC) Technical Analysis – Rangebound for Eighth Straight Session

Gold futures are drifting lower on Thursday, pressured by a slightly stronger U.S. Dollar as progress toward a COVID-19 vaccine offset worries over spiking coronavirus cases in the United States and hopes of more stimulus.

COVID-19 vaccines from Pfizer Inc and Moderna Inc could be ready for U.S. authorization and distribution within weeks, setting the stage for inoculation to begin as soon as this year, U.S. Health and Human Services Secretary Alex Azar said on Wednesday.

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. This is highly unlikely but there is room for a short-covering rally on a breakout over $1907.10.The main range is $1690.10 to $2089.20. The market is currently trading inside its retracement zone […]

Click here to view original web page at www.fxempire.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.