Gold futures are trading at their high of the session after rebounding from earlier losses. The catalysts behind the intraday strength are lower Treasury yields and a weaker U.S. Dollar. The choppy, two-sided trade suggests investors are nervous ahead of Thursday keynote speech by Federal Reserve Chairman Jerome Powell at which he is expected to make a historic announcement about Fed monetary policy.
At 18:26 GMT, December Comex gold futures are trading $1956.50, up $33.40 or +1.74%. Earlier in the session, the market touched a two-week low at $1908.40.
The price action also reflects the idea of more stimulus measures from the Fed. Some of the rally was fueled by short-covering and some by speculative buying.
Daily December Comex Gold
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through $2024.60 will signal a resumption of the uptrend. A trade through $1874.20 will change the main trend to down.
The minor range is down. This is controlling the momentum. A trade through $1970.30 will change the minor trend to up. This will shift momentum to the upside. A move through $1908.40 will indicate the selling is getting stronger.
The major support is a retracement zone at $1889.70 to $1842.60. This zone stopped the selling at $1874.20 on August 12.
The minor range is $1874.20 to $2024.60. Its retracement zone at $1949.40 to $1931.70 is new support.
The short-term range is $2089.20 to $1874.20. Its retracement zone at $1981.70 to $2007.10 is resistance.
Short-Term Outlook
Look for an upside bias to develop on a sustained move over $1949.40. Look for sellers to try to form a downside bias on a sustained move under $1931.70. #gold##FX#
Reprinted from Fxempire，the copyright all reserved by the original author.
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