Gold Price Futures (GC) Technical Analysis – March 23, 2018 Forecast

June Comex Gold futures are trading higher shortly before the regular session opening. Flight-to-safety buying is driving the market higher amid another triple-digit drop in Dow Jones Industrial Average futures during the pre-market trading session.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The trend turned up earlier in the week when buyers took out $1336.40. The uptrend was reaffirmed earlier today on the move through $1347.50. The market could accelerate to the upside over this level if enough buying volume comes in. The daily chart indicates there is room to run to $1369.60, followed by $1375.50.

The main range is $1247.20 to $1375.50. Its retracement zone at $1311.40 to $1296.20 is the major support area.

The short-term range is $1375.50 to $1309.30. Its retracement zone at $1342.40 to $1350.20 is currently being tested. Traders should treat this zone like a pivot.

Daily Swing Chart Technical Forecast

Based on the current price at $1347.80 and the earlier price action, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at $1350.20.

A sustained move over $1350.20 will indicate the presence of buyers. The daily chart indicates there is plenty of room to the upside with the main targets $1369.60 and $1375.60.

The inability to overcome and sustain a rally over $1350.20 will signal the return of sellers. This could drive prices back to the short-term 50% level at $1342.40. This price is the potential trigger point for an acceleration to the downside.

Basically, look for the bullish tone to continue or possibly elevate on a sustained move over $1350.20. Look for an intraday downside bias to develop on a sustained move under $1342.40.