Gold Price Futures (GC) Technical Analysis – July 27, 2017 Forecast

December Comex gold futures are trading higher, but mostly flat during the pre-market session. A stronger U.S. Dollar is helping to limit the market’s gains. U.S. stock index futures are also called higher. Increased demand for higher risk assets could limit demand for gold.

Technical Analysis

The main trend is up according to the daily swing chart. The trend turned up on a trade through the previous main top at $1267.10.

The main range is $1305.50 to $1211.10. Its retracement zone is $1256.20 to $1267.30. The market is trying to close on the strong side of this zone. If successful, it would put the market in a bullish position. This could eventually lead to a move towards the next main top at $1305.50.

The trend will change to down on a trade through $1249.40.

Forecast

Based on the current price at $1268.00, the direction of the gold market today is likely to be determined by trader reaction to the Fibonacci level at $1267.30.

A sustained move over $1267.30 will indicate the presence of buyers. This could drive the market into a long-term downtrending angle at $1269.50 and yesterday’s high at $1269.80.

The trigger point for an upside breakout is $1269.80. Taking out this level with conviction could trigger an acceleration to the upside with the next target angle coming in at $1287.50.

A sustained move under $1267.30 will likely lead to a labored sell-off with potential targets coming in at $1263.10, followed by $1256.20, $1253.40 and $1251.40.

Basically, look for an upside bias today on a sustained move over $1269.80 and a downside bias on a sustained move under $1267.30.

Rising stocks and a rebound in the U.S. Dollar will limit the market’s upside potential and could actually drive it lower today.