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

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
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.