Comex Gold Futures (GC) Technical Analysis – March 29, 2017 Forecast

June Comex Gold futures are trading higher shortly before the regular session opening. Investors aren’t paying attention to the sharply higher U.S. Dollar, but instead are focusing on the filing of the Brexit papers by the U.K. and the French elections. There are also still some uncertainties over Trump’s ability to run the government.

 

Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1264.20 will signal a resumption of the buying, while taking out the main top at $1268.10 will reaffirm the uptrend. This could fuel an acceleration to the upside.

The primary upside target is the major retracement zone at $1260.70 to $1291.50. This means that a sustained move over $1268.10 could trigger a $20.00 rally.

The short-term range is $1243.70 to $1264.20. Its 50% level or pivot is $1254.90. This price is controlling the intraday direction of the market. Gold is currently straddling this level.

The main range is $1198.00 to $1264.20. If the trend changes to down then look for a break into its retracement zone at $1231.10 to $1223.30.

Forecast

Based on the current price at $1255.60 and the earlier price action then look for an upside bias to develop on a sustained move over $1255.70 and a downside bias on a sustained move under $1250.00.

Overtaking $1255.70 will indicate the buying is getting stronger. This could trigger a fast rally into the main 50% level at $1260.70 then this week’s high at $1264.20. This is followed by the main top at $1268.10. This price is the trigger point for a surge to the upside with $1291.50 the next major target.

If the angle at $1250.00 fails as support then look for a break into the main bottom at $1243.70. If this price is taken out with better-than-average volume then look for a possible break into the retracement zone at $1231.10 to $1223.30. An uptrending angle also passes through this zone at $1224.00, making it a valid downside target also.