Gold Price Futures (GC) Technical Analysis – April 2, 2019 ForecastBased 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.
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 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.
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.
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.
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.