Gold Price Futures (GC) Technical Analysis – Buyers Looking for Value Between $1628.10 and $1604.80Based 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.
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 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.
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.
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.
The fundamentals are bullish, but traders are looking for value, which they may find between $1628.10 and $1604.80.