Gold Price Forecast – December 10, 2020

Gold Technical Analysis and Near-Term Outlook

Gold is hovering just above a bearish decision point at $1824. This objective is split between the 200-day moving average, the $1824.8 swing low, the smaller than (0.618) target of the wave down from $1879.8, and the 50 percent retracement of the rise from $1767.2. Settling back below the 200-day moving average would imply that the corrective move up from $1767.2 is complete. Closing below $1807, the confluence point between the equal to (1.00) target of the wave down from $1879.8 and the 62 percent retracement of the rise from $1767.2, will confirm this and clear the way for $1780 and lower.

Gold - $10 Kase Bar Chart
Gold – $10 Kase Bar Chart

Nevertheless, while the $1824.8 swing low holds the initial wave up from $1767.2 that met its smaller than target at $1879.8 will continue to call for its $1910 equal to target to be fulfilled. More importantly, rising to $1910 would overcome key resistance at $1896. This is the 62 percent retracement of the decline from $1973.3, the 38 percent retracement from $2099.2, and the smaller than target of the newly formed primary wave up from $1767.2. Settling above $1896 would suggest the larger scale move down might be complete and would call for gold to push toward targets well above $1910.

This is a brief analysis for the next day or so. Our weekly Metals Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key COMEX precious metals futures contracts and LME Non-Ferrous (Base) metals, spot gold, the gold/silver ratio, and gold ETFs. If you are interested in learning more, please sign up for a complimentary four-week trial.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.

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