Comex Gold Price Futures (GC) Technical Analysis – June 13, 2017 Forecast

August Comex Gold futures are trading lower shortly before the regular session opening. The market continues to grind lower as investors have no incentive to buy in front of the Fed’s interest rate decision and monetary policy statement on Wednesday. The central bank is also going to release its forecast for the economy including inflation and its plan for trimming its balance sheet.

Technical Analysis

The main trend is down according to the daily swing chart.

The main range is $1217.80 to $1298.80. Its retracement zone at $1258.30 to $1248.70 is the primary downside target. This area tends to attract bottom-pickers and it’s also a good area to take profits so I won’t be surprised by a short-covering rally.

Forecast

Based on the current price at $1265.80 and the earlier price action, the direction of the gold market today will be determined by trader reaction to the uptrending angle at $1265.80.

A sustained move over $1265.80 will indicate the presence of buyers. If the volume begins to increase, we could see a move into the nearest downtrending angle at $1278.80.

A sustained move under $1265.80 will signal the presence of sellers. This could trigger an acceleration into the support cluster at $1258.80 to $1258.30.

Crossing below $1258.30 could create enough downside momentum to challenge the Fibonacci level at $1248.70.

Watch the price action and read the order flow at $1265.80 all session. Trader reaction to this angle will set the tone for the day.