Gold Price Futures (GC) Technical Analysis – February 13, 2018 ForecastBased on the early price action, gold should be able to maintain its intraday upside bias as long as it remains over the long-term uptrending Gann angle at $1326.70.
April Comex Gold futures are trading higher in reaction to a weaker U.S. Dollar. Gold seems to have decoupled itself from the stock and bond markets, although today’s weaker stock prices and lower Treasury yields could be helping to underpin gold.
Daily Technical Analysis
The main trend is down according to the daily swing chart. However, a new main bottom has formed at $1309.00. A trade through this level will signal a resumption of the downtrend.
On the downside, the support is a retracement zone at $1306.60 to $1291.50.
The short-term range is $1370.50 to $1309.00. Its retracement zone at $1339.80 to $1347.00 is the primary upside target. A downtrending Gann angle also passes through this zone at $1344.50, making it a valid upside target also.
Daily Technical Forecast
Based on the early price action, gold should be able to maintain its intraday upside bias as long as it remains over the long-term uptrending Gann angle at $1326.70.
A sustained move over $1326.70 will signal the presence of buyers. This could create the upside momentum needed to challenge $1339.80, followed by $1344.50 and $1347.00.
If $1326.70 fails as support then look for the selling to extend into a series of short-term Gann angles at $1321.00, $1315.00 and $1312.00.
$1339.80 is the first upside target today. Since the main trend is down, we could see sellers come in on the first test of this price level.