Gold Price Futures (GC) Technical Analysis – Weakens Under $1889.70, Strengthens Over $1907.10

Gold futures are trading nearly flat on Monday after touching a one-week high early in the session. The dollar-denominated asset is being supported by a weaker U.S. Dollar, a slight dip in U.S. Treasury yields and a rise in demand for equities.

Additionally, mounting coronavirus cases continue to fuel concerns over the pandemic’s impact on the global economic recovery, but this is being offset by renewed expectations for further fiscal stimulus from the government and sustained monetary stimulus from the U.S. Federal Reserve.

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 trade through $1966.10.The main range is $1690.10 to $2089.20. The market is currently testing its retracement zone at $1889.70 to $1842.60. This zone appears to be controlling the […]

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