Gold futures are inching higher early Thursday as renewed hopes for more U.S. stimulus kept the bullion afloat, with investors eyeing the weekly jobless claims data to further gauge the health of the world’s largest economy.
Prices fell on Wednesday despite President Trump walking back orders to shut down stimulus negotiations. After shutting down negotiations over a new stimulus deal, Trump wrote on Twitter that Congress should pass money for airlines, small businesses, and stimulus checks of $1,200 for individuals.
Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing chart. A trade through $1927.00 will change the main trend to up. A move through $1851.00 will signal a resumption of the downtrend.
The minor trend is also down. A trade through $1877.10 will reaffirm the minor downtrend.
The market is trapped between a series of retracement levels, which could lead to a choppy, two-sided trade until the market breaks out of its tight trading range.
On the downside, the support is $1889.70 and $1880.00. On the upside, potential resistance comes in at $1902.10 and $1917.40.
Daily Swing Chart Technical Forecast
Based on the early price action, the direction of the December Comex gold on Thursday is likely to be determined by trader reaction to the main 50% level at $1889.70.
Bullish Scenario
A sustained move over $1889.70 will indicate the presence of buyers. The first upside target is $1902.10. This level stopped the rally on Wednesday. Overtaking this level could lead to a test of $1917.40. The main trend will change to up if buyers can take out $1927.00.
The daily chart indicates there is plenty of room to the upside over $1927.00 so don’t be surprised by an acceleration into $1970.10 over the near-term.
Bearish Scenario
A sustained move under $1889.70 will signal the presence of sellers. This could trigger a break into $1880.00, followed closely by $1877.10. This is a potential trigger point for an acceleration into the next potential downside targets at $1851.00 and $1842.60. #gold##FX#
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