Gold Price Futures (GC) Technical Analysis – February 5, 2019 ForecastBased on the early price action, the direction of the April Comex gold market the rest of the session is likely to be determined by trader reaction to by trader reaction to a pair of Gann angles at $1319.10 and $1313.50.
Gold futures are trading lower shortly after the regular session opening on Tuesday. Volume and volatility is below average due to the Lunar New Year holiday in Asia and well-head of President Trump’s State of the Union Address. The market is trading inside yesterday’s range which suggests investor indecision and impending volatility.
At 13:22 GMT, April Comex gold is trading $1318.50, down $0.80 or -0.06%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through $1331.00 will signal a resumption of the uptrend. This will make $1312.70 a new main bottom.
A trade through $1312.70 will extend the selling. A trade through $1281.50 will change the main trend to down.
The short-term range is $1331.10 to $1312.70. Its 50% level or pivot is $1321.90. This is minor resistance.
The main range is $1281.50 to $1331.10. Its retracement zone at $1306.30 to $1300.40 is the primary downside target.
The major retracement zone is $1293.60 to $1319.70. This zone is controlling the longer-term direction of the market.
Daily Technical Forecast
Based on the early price action, the direction of the April Comex gold market the rest of the session is likely to be determined by trader reaction to by trader reaction to a pair of Gann angles at $1319.10 and $1313.50.
A sustained move over $1319.10 will indicate the presence of buyers. This could lead to a labored rally with the first two targets at $1319.70 and $1321.90.
The short-term pivot at $1321.90 is the trigger point for an acceleration to the upside with the next target angles coming in at $1325.10 and $1328.10. The latter is the last potential resistance angle before the $1331.10 main top.
A sustained move under $1319.10 will signal the presence of sellers. This could drive the market into a steep uptrending Gann angle at $1313.50. This is a potential trigger point for an acceleration to the downside with the next major target coming in at $1306.30.
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