Gold Price Futures (GC) Technical Analysis – June 29, 2017 Forecast

August Comex Gold is trading lower shortly before the cash market opening. A slight recovery in the U.S. Dollar along with higher U.S. equity markets is helping to put pressure on the market that has been rangebound for three days.

Technical Analysis

The main trend is down according to the daily swing chart. A trade through 1260.00 will change the main trend to up. A move through 1236.50 will signal a resumption of the downtrend with the next target the main bottom at $1217.80.

The main range is $1217.80 to $1298.80. Its retracement zone is $1258.30 to $1248.70. After straddling this zone for several days, the market is now trading decisively below the zone, indicating that the selling pressure is increasing.

The short-term range is $1298.80 to $1236.50. If there is a change in trend and a breakout over $1260.00 then its retracement zone at $1267.70 to $1275.00 will become the primary upside target.

 

Forecast

Based on the current price at $1248.70 and the earlier price action, the direction of the gold market today is going to be determined by trader reaction to the Fibonacci level at $1248.70.

A sustained move under $1248.70 will indicate the presence of sellers. The daily chart indicates there is room to the downside with the next targets this week’s low at $1236.50, followed by a long-term uptrending angle at $1235.80.

Taking out $1235.80 will indicate the selling is getting stronger with the next target angle coming in at $1226.80. This is the last potential support angle before the $1217.80 main bottom.

Recovering the Fib at $1248.70 will signal the return of buyers. Overcoming the next target angle at $1253.80 will indicate the buying is getting stronger with the next targets the 50% level at $1258.30 and the main top at $1260.00.