Comex Gold Futures (GC) Technical Analysis – April 25, 2017 Forecast

June Comex Gold futures are trading higher shortly before the regular session opening. The market started higher on concerns over North Korea, but the move couldn’t gain any traction as investors continued to put money into higher yielding assets like stocks.

Technical Analysis

The main trend is up according to the daily swing chart, but momentum is trending down. The trend won’t officially turn down until $1248.20 is violated. A move through $1297.40 will signal a resumption of the uptrend.

Helping to support the market on Monday was a series of retracement levels at $1272.80, $1269.40, $1267.00 and $1262.90. Buyers are going to try to establish support at this zone.

The new short-term range is $1297.40 to $1266.00. If there is a short-covering rally then its retracement zone at $1281.70 to $1285.40 will become the primary upside target.

Forecast

Based on the current price at $1269.80, support is layered at $1269.40, $1268.20, $1266.90 and $1266.00.

The market starts to open up under $1266.00 with the next target a Fib level at $1262.90. This is followed by a long-term uptrending angle at $1260.10. This is the last major support angle before the $1248.20 main bottom.

Holding above $1269.40 will signal the presence of buyers. This could trigger a move into a price cluster at $1272.70, $1273.40 and $1273.50.

Overtaking $1273.50 will indicate the return of buyers. This price is also the trigger point for an acceleration to the upside with the next major target coming in at $1281.70.

Since gold is trading inside a cluster of levels, we could see a choppy, two-sided trade. Look for a strong upside bias to begin on a sustained move over $1273.50 and a strong downside bias to begin on a sustained move under $1266.90.