Comex Gold Futures (GC) Technical Analysis – February 28, 2017 Forecast

April Comex Gold futures are trading lower shortly before the regular session opening. The main trend is up according to the daily swing chart. A trade through $1264.90 will signal the resumption of the uptrend. A move through $1217.50 will change the main trend to down.

The main range is $1343.90 to $1127.20. Its retracement zone at $1235.60 to $1261.10 is currently being tested. Trader reaction to this zone will determine the longer-term direction of the market.

The short-term range is $1217.50 to $1264.90. Its 50% level or pivot is $1241.20. This is a possible downside target.

Based on the current price at $1254.80, the direction of the gold market today is likely to be determined by trader reaction to the short-term uptrending angle at $1249.50.

A sustained move over $1249.50 will signal the presence of buyers. This could lead to a retest of the major Fib level at $1261.10 and yesterday’s high at $1264.90. This is followed by a long-term downtrending angle at $1269.90.

The angle at $1269.90 is also the trigger point for an acceleration to the upside with $1306.90 the next upside target.

If $1249.50 fails as support then look for a possible break into the short-term 50% level at $1241.20. This is followed by the main 50% level at $1235.60, followed by a short-term uptrending angle at $1233.50.

Watch the price action and read the order flow at $1249.50 today. Trader reaction to this angle will tell us if the buyers or sellers are in control.