Gold Price Futures (GC) Technical Analysis – March 14, 2019 Forecast

Based on the early price action, the direction of the April Comex gold futures contract on Thursday is likely to be determined by trader reaction to the pivot at $1296.20.
James Hyerczyk
Comex Gold

Gold prices are under pressure on Thursday shortly after the regular session opening. Sellers are reacting to rising U.S. Treasury yields and increased demand for risk. The higher yields are helping to make the U.S. Dollar a more attractive asset while pressuring demand for dollar-denominated gold. The catalysts behind gold’s weakness are a series of U.S. economic reports which were just weak enough to encourage the Fed to keep interest rates at current price levels.

At 12:14 GMT, April Comex Gold is trading $1297.50, down $11.80 or -0.91%.

Daily April Comex Gold

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade through $1280.80 will signal a resumption of the downtrend.

The minor trend is up. A trade through $1311.60 will signal a resumption of the trend.

The main range is $1349.80 to $1280.80. Its retracement zone at $1315.30 to $1323.40 is the primary upside target and resistance area.

The short-term range is $1280.80 to $1311.60. Its 50% level or pivot at $1296.20 is currently being tested. Trader reaction to this level should set the tone the rest of the session.

Daily Technical Forecast

Based on the early price action, the direction of the April Comex gold futures contract on Thursday is likely to be determined by trader reaction to the pivot at $1296.20.

Bullish Scenario

A sustained move over $1296.20 will indicate the return of buyers. The first upside target is an uptrending Gann angle at $1300.80. If overcoming this angle this creates enough upside momentum then look for a potential rally into yesterday’s high at $1311.60, followed by a 50% level at $1315.30 and a downtrending Gann angle at $1317.80.

Bearish Scenario

Taking out $1296.20 will signal the presence of sellers. This could extend the break into an uptrending Gann angle at $1290.80, followed by another uptrending Gann angle at $1285.80. This is the last potential support angle before the $1280.80 main bottom.

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