Gold Price Futures (GC) Technical Analysis – Sitting Between $1889.70 and $1842.60 as Traders Await Catalyst

Gold Price Futures (GC) Technical Analysis – Sitting Between $1889.70 and $1842.60 as Traders Await Catalyst

Gold futures are drifting higher on Thursday with the move supported by a modest dip in the U.S. Dollar against a basket of major currencies. Falling Treasury yields and a drop in demand for equities are also underpinning gold prices.

Capping the market this week are concerns that a COVID-19 vaccine would open up the global economy faster than expected, dampening the need for aggressive fiscal and monetary stimulus.

Underpinning prices are worries that the vaccine would take months to distribute and become effective, which would be too late to avoid another economic downturn in the global economy. This would increase the need for more stimulus measures.

At 02:34 GMT, December Comex gold futures are trading $1867.40, up $5.80 or +0.31%.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 with […]

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.

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