FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
12,609,253Confirmed
561,909Deaths
7,318,671Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
Comex Gold

Gold futures are trading lower on Tuesday but trying to rebound from earlier losses. Weaker-than-expected U.S. Durable Goods data is providing some support as well as lower Treasury yields and mixed demand for stocks. However, gains are being limited by the stubbornly strong U.S. Dollar. The market is also trading within striking distance of the low of the year after closing lower for the year on Monday.

At 13:31 GMT, June Comex gold futures are trading $1293.20, down $0.90 or -0.07%.

Daily June Comex Gold

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1287.50 will reaffirm the downtrend. Gold is not in a position to change the main trend to up, but we could see a closing price reversal bottom. This won’t change the trend, but it could trigger a 2 to 3 day counter-trend rally.

The main range is $1287.50 to $1330.80. Its retracement zone at $1304.00 to $1309.20 is resistance.

Advertisement

Daily Technical Forecast

Based on the early price action, the direction of the June Comex gold futures contract on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at $1292.00.

Bullish Scenario

A sustained move over $1292.00 will indicate the presence of buyers. Overtaking $1294.20 will turn the market higher for the session. Overtaking another uptrending Gann angle at $1296.50 will indicate the buying is getting stronger. This is a potential trigger point for an acceleration to the upside with $1304.00 to $1306.80 the next likely upside target.

Bearish Scenario

A sustained move under $1292.00 will signal the presence of sellers. This could lead to a test of the low of the year at $1287.50. Taking out this bottom could drive gold into a steep downtrending Gann angle at $1282.80. Crossing to the weak side of this angle will put the market in an extremely bearish position.

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

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk