FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
32,413,887Confirmed
987,742Deaths
23,928,589Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
Comex Gold

Gold futures are trading lower on Wednesday shortly after the regular session opening. Firming Treasury yields and calls for a higher opening in the U.S. stock market are encouraging long investors to book profits.

After the steep run-up this month, investors are also being cautious about buying strength.  This suggests they will be looking for value, which they may find today inside a series of retracement levels.

At 14:30 GMT, April Comex Gold is trading $1635.90, down $14.20 or -0.87%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1691.70 will signal a resumption of the uptrend. The main trend will change to down if a pair of bottoms at $1564.40 and $1551.10 fail as support.

The first main range is $1564.40 to $1691.70. Its retracement zone is $1628.10 to $1613.00.

The second main range is $1551.10 to $1691.70. Its retracement zone is $1621.40 to $1604.80.

Daily April Comex Gold
Advertisement

Daily Technical Forecast

Based on the early price action and the current price at $1635.90, the direction of the April Comex gold futures contract the rest of the session on Wednesday is likely to be determined by trader reaction to the steep uptrending Gann angle at $1636.40.

Bearish Scenario

A sustained move under $1636.40 will indicate the presence of sellers. This could lead to a labored break into a series of potential support levels at $1628.10, $1621.40, $1613.00 and $1604.80.

A pair of uptrending Gann angles at $1607.10 and $1600.40 are also potential support levels.

Bullish Scenario

A sustained move over $1636.40 will signal the presence of buyers. This could spike the market into another uptrending Gann angle at $1663.10. Overtaking this angle could trigger an acceleration into the current top at $1691.70.

Side Notes

The fundamentals are bullish, but traders are looking for value, which they may find between $1628.10 and $1604.80.

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