Gold Price Futures (GC) Technical Analysis – July 22, 2019 Forecast

Based on the early price action and the current price at $1426.90, the direction of the August Comex gold futures contract into the close will likely be determined by trader reaction to the short-term uptrending Gann angle at $1423.50.
James Hyerczyk
Comex Gold

Gold futures are trading nearly flat on Monday at the mid-session. Volume and volatility are both below average. Several factors could be influencing the price action including Treasury yields, the U.S. Dollar and demand for risk. There were no major economic reports today and the Fed speakers are on lockdown so traders aren’t receiving a lot of guidance.

At 15:41 GMT, August Comex gold futures are trading $1426.90, up $0.20 or +0.01%.

The low volume and volatility could continue into Thursday’s European Central Bank policy meeting and interest rate decision. Next week on July 31, the Federal Reserve is widely expected to cut its benchmark interest rate by 25-basis points.

Daily December Comex Gold

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, the upside momentum stalled with the formation of the closing price reversal top at $1454.40 on July 19.

A trade through $1454.40 will negate the closing price reversal top and signal a resumption of the uptrend. A trade though $1421.10 will confirm the closing price reversal top and signal a shift in momentum to down. The main trend will actually change to down on a move through $1401.30.

The short-term range is $1387.50 to $1454.40. Its retracement zone at $1419.60 to $1411.30 is support.

Daily Technical Forecast

Based on the early price action and the current price at $1426.90, the direction of the August Comex gold futures contract into the close will likely be determined by trader reaction to the short-term uptrending Gann angle at $1423.50.

Bullish Scenario

A sustained move over $1423.50 will indicate the presence of buyers. The next targets are a pair of uptrending Gann angles at $1435.60 and $1442.60. The latter is the last potential target before the main top at $1454.40.

Bearish Scenario

A sustained move under $1423.50 will signal the presence of sellers. This could create a labored break with potential targets a short-term 50% level at $1419.60, a short-term Fibonacci level at $1411.30 and an uptrending Gann angle at $1405.50. This are the last potential support levels before the main bottom at $1401.30. The trend changes to down on a trade through this bottom.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.