Comex Gold Futures (GC) Technical Analysis – October 14, 2014 Forecast
Bullish traders tried to trigger a breakout to the upside by the December Comex Gold futures contract, but the expected rally failed to materialize.
The key area to watch today is where a pair of angles cross at $1231.30 and $1232.30. Trader reaction to this area today will set the tone for the day. A sustained move over $1232.30 will be bullish, setting up the market for a potential rally into the major 50% level at $1253.80. Overtaking this level could trigger a further rally into the Fibonacci level at $1270.50 or the downtrending angle at $1278.30.
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If support fails at $1231.30 then look for the market to retrace into the short-term pivot at $1210.60 or the uptrending angle at $1207.30. An additional support angle comes in at $1195.30.
The last angle before the main bottom at $1183.30 moves up to $1189.30 today.
The order flow and price action at $1231.30 to $1232.30 will determine the tone of the market today.