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Gold Price Futures (GC) Technical Analysis – April 10, 2018 Forecast

By:
James Hyerczyk
Published: Apr 10, 2018, 11:30 UTC

Based on the early trade, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the short-term 50% level at $1342.60.

Comex Gold

June Comex Gold futures are trading a little lower on Tuesday, shortly before the regular session opening. The market is being supported by political and geopolitical concerns, but gains are being limited by increased demand for higher risk assets.

Comex Gold
Daily June Comex Gold

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum shifted to the upside on April 6 with the formation of a closing price reversal bottom and yesterday’s subsequent confirmation.

A trade through $1352.50 will change the main trend to up. A move through $1322.60 will negate the closing price reversal bottom and signal a resumption of the downtrend.

The short-term range is $1362.60 to $1322.60. Its retracement zone at $1342.60 to $1347.30 is the primary upside target. Since the main trend is down, sellers are likely to come in on a test of this area.

Comex Gold
Daily June Comex Gold (Short-Term)

Daily Technical Forecast

Based on the early trade, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the short-term 50% level at $1342.60.

The inability to overcome $1342.60 will indicate the presence of sellers. If this move generates enough downside momentum, we could see a drive into a long-term uptrending Gann angle at $1327.30, followed by the main bottom at $1322.60.

The main bottom is the trigger point for a possible acceleration to the downside.

Overcoming the 50% level at $1342.60 will indicate the buying is getting stronger. This could generate the upside momentum needed to challenge the Fibonacci level at $1347.30.

Overtaking $1347.30 could trigger a rally into a long-term downtrending Gann angle at $1350.00. This angle stopped a rally at $1352.50 on April 4. This angle is also the trigger point for an acceleration into $1352.50.

Taking out $1352.50 will change the trend to up. Prices could explode into the next main top at $1362.60 if the buying is strong enough.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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