Comex Gold Futures (GC) Technical Analysis – June 30, 2016 Forecast

August Comex Gold futures are trading lower on Thursday while posting an inside range on low volume and low volatility. This indicates investor indecision and impending volatility. The market is being supported by a weaker U.S. Dollar and resisted by a strong stock market. This is helping to hold it inside a range.

The main trend is up according to the daily swing chart. However, momentum has been sideways to lower this week. A trade through $1362.60 will signal a resumption of the uptrend. A move through $1252.80 will change the main trend to down.

The short-term range is $1252.80 to $1362.60. Its retracement zone at $1307.70 to $1294.70 is the primary downside target. Since the main trend is up, buyers may come in on a test of this zone.

Based on yesterday’s close at $1326.90 and the early price action, the direction of the market today will likely be determined by trader reaction to the steep uptrending angle at $1316.80.

A sustained move over $1316.80 will signal the presence of buyers. This could create enough upside momentum to challenge the steep downtrending angle at $1330.60. This angle is the trigger point for an acceleration into the next downtrending angle at $1346.60.

A sustained move under $1316.80 will indicate the presence of sellers. This could trigger a break into the short-term 50% level at $1307.70. This is another trigger point for an acceleration into the Fib level at $1294.70. This is followed closely by a long-term uptrending angle at $1289.50 and another short-term angle at $1284.80.

Watch the price action and read the order flow at $1316.80 today. Trader reaction to this angle will tell us if the bulls or the bears are in control today.