Gold Price Futures (GC) Technical Analysis – June 19, 2018 Forecast

Gold futures are trading lower on Tuesday as safe-haven buyers once again failed to react as expected to stock market volatility. One would think that gold would be higher given the soft stock market and lower Treasury yields, however, the stronger U.S. Dollar appears to be putting pressure on the dollar-denominated asset.

At 1509 GMT, August Comex Gold futures are trading $1276.40, down $3.80 or -0.28%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. Today’s earlier trade through $1277.90 reaffirmed the downtrend. The next major target is the December 12, 2017 bottom at $1251.90. The main trend will change to up on a trade through $1313.00.

The new short-term range is $1313.00 to $1272.60. Its 50% level or pivot at $1292.80 is the first resistance. The next resistance is the major Fibonacci level at $1300.60.

Daily Technical Forecast

Based on the early price action and the current price at $1276.40, the direction of the August Comex Gold futures contract the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at $1280.40.

A sustained move under $1280.40 will indicate the presence of sellers. If the selling continues then look for the move to extend into the long-term uptrending Gann angle at $1268.30. This is the last potential support angle before the $1251.90 main bottom.

Overtaking $1280.40 will indicate the presence of buyers. This could trigger a fast rally into a pair of Gann angles at $1284.40 and $1289.00. Since the main trend is down, sellers are likely to come in on a test of these angles.

The downtrending Gann angle at $1289.00 is the trigger point for an acceleration to the upside with the next two targets coming in at $1292.80 and $1300.60.

Basically, look for the downside bias to continue on a sustained move under $1280.40 and for an upside bias to develop on a sustained move over $1289.00.