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James Hyerczyk
Comex Gold
Comex Gold

April Comex Gold futures closed lower last week, settling at $1330.30, down $25.90 or -1.91%. The catalyst behind the selling pressure was higher U.S. interest rates and a firmer U.S. Dollar. The inside move suggests investor indecision and impending volatility.

Weekly April Comex Gold

Weekly Technical Analysis

The main trend is up according to the weekly swing chart. However, momentum has been sideways to lower since the week-ending January 26.

A trade through $1370.50 will signal a resumption of the uptrend. A move through $1309.00 will indicate the selling is getting stronger.

Taking out $1370.50 could create the upside momentum needed to challenge the August 2, 2016 main top at $1396.20.

A trade through $1309.00 could lead to an eventual test of the main bottom at $1242.70. A trade through this bottom will change the main trend to down.

The major support is a 50% level at $1271.50. This pivot is controlling the longer-term direction of the gold market.

The main range is $1242.70 to $1370.50. Its retracement zone at $1306.60 to $1291.50 is the primary downside target. Since the main trend is up, we could see buyers show up on a test of this area.

The short-term range is $1370.50 to $1309.00. Its 50% level or pivot is $1339.80. This level is controlling the short-term direction of the market.

Weekly April Comex Gold (Close-Up)

Weekly Technical Forecast

Based on the close at $1330.30 and last week’s price action, the direction of the gold market this week is likely to be determined by trader reaction to a pair of Gann angles at $1330.50 and $1330.70.

A sustained move under $1330.50 will indicate the presence of sellers. This could trigger an acceleration to the downside with the next targets $1309.00 and $1306.60.

Taking out $1306.60 will signal the selling is getting stronger. This could create further downside pressure with targets at $1291.50 and an uptrending Gann angle at $1286.70.

A sustained move over $1330.70 will signal the presence of buyers. This could trigger a move into the short-term pivot at $1339.80.

Overcoming $1339.80 could trigger a move into a pair of downtrending Gann angles at $1350.50 and $1360.50. The latter is the last potential resistance angle before the main top at $1370.50.

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