Gold Price Futures (GC) Technical Analysis – Heading into Retracement Zone at $1336.70 to $1330.20

April Comex Gold futures are trading sharply lower at the mid-session on Tuesday. The market is being pressured by a stronger U.S. Dollar and profit-taking ahead of Wednesday’s Federal Open Market Committee meeting minutes.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1364.40 will change the main trend to up. This is followed by the next main top at $1370.50.

The short-term range is $1309.00 to $1364.40. Its retracement zone at $1336.70 to $1330.20 is the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the steep uptrending Gann angle at $1341.00.

A sustained move under $1341.00 will indicate the selling is getting stronger. This could drive the market into $1336.70. We could see a technical bounce on the first test of this level. If it fails then look for an acceleration into the next target level at $1330.20. This is followed by an uptrending Gann angle at $1325.00.

Overcoming and sustaining a rally over $1341.00 will signal the presence of buyers. This could drive the market into the steep downtrending Gann angle at $1348.40. This is a potential trigger point for an acceleration to the upside.

Watch the price action and read the order flow at $1341.00 the rest of the session, it is currently controlling the direction of the market.