Gold Price Futures (GC) Technical Analysis – July 28, 2017 Forecast

December Comex gold futures are trading slightly lower shortly before the regular session opening and the release of the U.S. Quarterly Advance GDP at 1230 GMT. It is expected to show the economy grew by 2.5 percent. A stronger number will be bearish for gold. A weaker number will drive down U.S. Treasury yields and the U.S. Dollar, making gold a more attractive investment.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1271.30 will signal a resumption of the uptrend. A move through $1289.40 will change the main trend to down.

The main range is $1305.50 to $1211.10. Its retracement zone is $1258.30 to $1269.40. The market is currently sitting inside this zone. Trader reaction to this zone will determine the longer-term direction of gold.

The short-term range is $1211.10 to $1271.30. It there is a change in trend to down then its retracement zone at $1241.20 to $1234.10 will become the primary downside target.

Forecast

The current price is $1266.00.

The nearest upside targets are clustered at $1267.10, $1268.50 and $1269.40. Overcoming these levels then sustaining a rally over $1271.30 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with the next major target coming in at $1287.00.

On the downside, the first support targets come in at $1258.30 and $1256.40. This area is followed by another uptrending angle at $1252.40 and a main bottom at $1249.40.

Taking out $1249.40 will change the trend to down. This could trigger an acceleration into a 50% level at $1241.20 and an uptrending angle at $1239.10.

Look for a bullish bias to develop on a sustained move over $1269.40 and a bearish bias to develop on a sustained move under $1258.30.