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Comex Gold Futures (GC) Technical Analysis – October 14, 2014 Forecast

By:
James Hyerczyk
Updated: Aug 25, 2015, 00:00 GMT+00:00

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

Daily December Comex Gold

Bullish traders tried to trigger a breakout to the upside by the December Comex Gold futures contract, but the expected rally failed to materialize.

Daily December Comex Gold
Daily December Comex Gold

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.

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.

 

About the Author

James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.

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