Gold Price Futures (GC) Technical Analysis – March 13, 2018 Forecast

April Comex Gold futures are trading lower shortly before the release of the U.S. Consumer Inflation report at 1230 GMT. This report could be a market moving event.

It is expected to show the CPI and Core CPI rose 0.2% in February. A higher than expected number could pressure the gold futures. A lower than expected number could be supportive for the precious metal.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The main trend will change to down on a move through $1342.00. A move through $1313.20 will indicate the selling is getting stronger. A trade through $1303.60 will signal a resumption of the downtrend.

The short-term range is $1303.60 to $1342.00. Its retracement zone is $1322.80 to $1318.30. This zone is controlling the short-term direction of the market. Traders have been straddling this area for three sessions.

The main range is $1364.40 to $1303.60. If there is a surge to the upside then its retracement zone at $1334.00 to $1341.20 will become the primary upside target.

Daily Technical Forecast

Based on the early trade and the current price at $1319.30, the direction of the market today is likely to be determined by trader reaction to the Fib level at $1318.30.

A sustained move under $1318.30 will indicate the presence of sellers. This could trigger an acceleration to the downside with the next targets $1313.20 and $1311.60.

If $1311.60 fails as support then look for the selling to extend into the major 50% level at $1306.60, followed by a long-term uptrending Gann angle at $1303.80 and a main bottom at $1303.60.

A sustained move over $1318.30 will signal the presence of buyers. Overcoming the uptrending Gann angle at $1319.60 and the 50% level at $1322.80 will indicate the buying is getting stronger.

A sustained move over $1322.80 could generate the upside momentum needed to challenge the downtrending Gann angle at $1332.40, followed by $1334.00.