Gold Price Futures (GC) Technical Analysis – April 24, 2018 Forecast

June Comex Gold futures are trading higher after recovering from early selling pressure. The low of the session is $1323.60 which is slightly above the last main bottom. Today’s session also begins with the market down nine days from the last main top. This puts it in the window of time for a closing price reversal bottom.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been trending lower since making a top on April 11.

A trade through $1322.60 will change the main trend to down. This could trigger a further break into the next main bottom at $1312.40.

The main range is $1347.20 to $1375.50. Its retracement zone at $1311.40 to $1296.20 is the primary downside target. Buyers could show up on the first test of this zone.

Daily Technical Forecast

Based on the early trade and the last price at $1327.60, the direction of the gold market today is likely to be determined by trader reaction to yesterday’s close at $1324.00.

Now that the market has posted a lower-low after a prolonged move down in terms of price and time, a trade above $1324.00 will put gold in a position to form a potentially bullish closing price reversal bottom on the daily chart.

If the move gains traction, we could see a rally into a steep downtrending Gann angle at $1333.40. Watch for a technical bounce on the first test of this angle. Crossing to the strong side of the angle could drive the market into a long-term uptrending Gann angle at $1337.20.

A sustained move under $1324.00 will indicate the presence of sellers. This could lead to a retest of today’s low at $1323.60, followed by the main bottom at $1322.60.

Breaking $1322.60 will change the main trend to down. This could trigger an acceleration into $1312.40 then $1311.40.