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

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 […]

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