Gold Price Futures (GC) Technical Analysis – Bullish Over $1336.70, Bearish Under $1330.20

Based on the current price at $1331.40 (1800 GMT) and the earlier price action, the direction of the gold market the rest of the session is likely to be determined by trader reaction to $1330.20.
James Hyerczyk
Comex Gold
Comex Gold

April Comex Gold futures are trading lower shortly before the release of the Fed minutes at 1900 GMT. The minutes could reveal the timing and the number of Fed rate hikes in 2018. It could also let investors know the Fed’s thoughts on inflation and the impact of a tightening monetary policy on stock market volatility.

Generally speaking, a hawkish Fed should put pressure on gold prices.

Daily April Comex Gold

Daily Technical Analysis

The main trend is down according to the daily swing chart. A move through $1364.40 will change the main trend to up. A trade through $1309.00 will reaffirm the downtrend.

The short-term range is $1309.00 to $1364.40. Its retracement zone at $1336.70 to $1330.20 is controlling the short-term direction of the market. This zone is currently being tested.

The longer-term retracement zone at $1306.60 to $1291.50 is the primary downside target.

Daily Technical Forecast

Based on the current price at $1331.40 (1800 GMT) and the earlier price action, the direction of the gold market the rest of the session is likely to be determined by trader reaction to $1330.20.

A sustained move under $1330.20 will indicate the presence of sellers. The first target angle comes in at $1325.00.

Look for an acceleration to the downside on a move under $1325.00. The next target angle comes in at $1312.00. This is the last potential support angle before the $1309.00 main bottom, followed by the major support zone at $1306.60 to $1291.50.

A sustained move over $1330.20 will signal the presence of buyers. Overtaking the steep downtrending Gann angle at $1332.40 will indicate the buying is getting stronger. This could trigger a rally into $1336.70.

The daily chart starts to open up over $1336.70. Potential upside targets include an uptrending Gann angle at $1341.00, followed by another downtrending Gann angle at $1348.40. Prices could continue to climb over this level if the buying volume comes in strong.

Look for volatility with the release of the Fed minutes. Hawkish minutes should be bullish, dovish minutes should be bearish. Essentially, we’re looking for an upside bias to develop on a sustained move over $1336.70 and a downside bias on a sustained move under $1330.20.

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

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US