FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
Gold
Gold

August Comex Gold futures are trading higher shortly before the regular session opening. With the U.S. Dollar trading slightly higher, the market is probably getting some support from buyers reacting to the geopolitical events over the week-end. We could also be seeing some speculative or hedge buying ahead of this week’s elections in the U.K.

Daily August Comex Gold

Technical Analysis

The main trend is down according to the daily swing chart, but momentum is trending higher. The trend will turn up on a trade through the last main top at $1300.30.

Advertisement
Know where Gold is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The main range is $1300.30 to $1217.80. Gold is currently trading on the strong side of its retracement zone at $1268.80 to $1259.10. These two levels are new support.

Advertisement

Forecast

Based on the current price at $1283.60, the direction of the gold market today is likely to be determined by trader reaction to the downtrending angle at $1283.30.

A sustained move under $1283.30 will indicate the presence of sellers. The daily chart is wide open to the downside so if heavy selling volume hits the market, we could see an acceleration into the Fibonacci level at $1268.80.

Overtaking the angle at $1283.30 and sustaining the move will signal the presence of buyers. This could create enough upside momentum to trigger an acceleration into a pair of angles at $1289.80 and $1291.80. Crossing to the strong side of these angles will put gold in a bullish position with $1300.30 the next major upside target.

Watch the price action and read the order flow at $1283.30 all session. Trader reaction to this angle will tell us if the buying is getting stronger, or if sellers are retaking control.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker