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James Hyerczyk
Comex Gold

Gold futures are inching higher early Thursday and appear to be poised to challenge the recent main top and potential trigger point for an acceleration to the upside. All it is going to take to send this market screaming to the upside is another drop in Treasury yields and the U.S. Dollar.

The catalyst behind such a move could be the U.S. Weekly Initial Unemployment Claims report, due to be released at 12:30 GMT. It is expected to come in at 682K, down from the previously reported 719K.

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At 07:23 GMT, June Comex gold is trading $1744.70, up $3.10 or +0.18%.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending higher since the formation of the closing price reversal bottom on March 31.

The main trend will change to up on a trade through $1756.00, while a move through $1677.30 will signal a resumption of the downtrend.

On the downside, the nearest support is $1712.00 to $1711.90.

The short-term range is $1817.60 to $1676.20. Its 50% level at $1746.90 is currently being tested.

The main range is $1858.90 to $1676.20. Its 50% level at $1767.60 is another potential upside target.

The key resistance and long-term 50% level at $1788.50. This is controlling the near-term direction of the market.

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Daily Swing Chart Technical Forecast

The direction of the June Comex gold market on Thursday is likely to be determined by trader reaction to the 50% level at $1746.90.

Bullish Scenario

A sustained move over $1746.90 will indicate the presence of buyers. The next target is the main top at $1756.00. Taking out this level will change the main trend to up and could trigger a spike into $1767.60. This is another potential trigger point for an acceleration into $1788.50.

Bearish Scenario

A sustained move under $1746.90 will signal the presence of sellers. If this move generates enough downside momentum then look for the selling to possibly extend into the potential support cluster at $1712.00 to $1711.90.

For a look at all of today’s economic events, check out our economic calendar.

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