Gold Price Futures (GC) Technical Analysis – June 25, 2018 ForecastBased on the early trade, the direction of the August Comex Gold market the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at $1272.40 and the uptrending Gann angle at $1270.40.
Gold futures are trading higher shortly after the opening after posting a choppy, two-sided trade early in the session. The trend is not likely to turn up over the near-term, but this price action may be a positive development for bullish traders because it suggests buyers are coming in on the dips.
At 1231 GMT, August Comex Gold is trading $1271.00, up $0.30 or +0.03%.
Daily Technical Analysis
The main trend is down according to the daily swing chart, however, momentum is getting close to shifting to the upside. A trade through $1262.40 will signal a resumption of the downtrend.
The minor trend is also down. It will change to the up on a trade through $1274.40. This will also shift momentum to the upside.
The short-term range is $1313.00 to $1262.40. If buyers can clear $1274.40 later today then the market will have a clean shot at hitting its 50% level or pivot at $1287.70.
Daily Technical Forecast
Based on the early trade, the direction of the August Comex Gold market the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at $1272.40 and the uptrending Gann angle at $1270.40.
A sustained move over $1272.40 will indicate the presence of buyers. This could lead to a quick test of today’s intraday high at $1274.40.
Overtaking $1274.40 could trigger an acceleration to the upside with a downtrending Gann angle at $1285.00 the first target. We could see a technical bounce on the first test of this angle. If buyers can over $1285.00 then look for the rally to extend into $1285.30 then the 50% level at $1287.70.
A sustained move under $1270.40 will signal the presence of sellers. This could trigger a labored break with potential support levels lined up at $1268.60, $1266.40, $1264.40 and $1263.40. The latter is the last potential support angle before the $1262.40 main bottom.
Watch the price action and read the order flow at $1274.40 today. Taking out this level with conviction could trigger a $10 to $13 rally.