Gold Price Futures (GC) Technical Analysis – March 25, 2019 Forecast

Based on the early price action and the current price at $1324.70, the direction of the June Comex gold futures contract the rest of the session is likely to be determined by trader reaction to the main 50% level at $1321.00.
James Hyerczyk
Comex Gold

Gold futures are trading higher on Monday as fears of a recession are pressuring the U.S. Dollar, while increasing gold’s appeal as a safe-haven asset. The market is also being underpinned by lower demand for riskier assets with U.S. equity markets tumbling to a 12-day lower earlier in the session.

Worries over a potential recession arose on Friday when the 10-year Treasury note yield fell below the 3-month Treasury bill yield, causing an inverted yield curve for the first time since 2007. Analysts say that this is a highly accurate predictor of a future recession.

At 13:17 GMT, June Comex gold is trading $1324.70, up $6.00 or +0.45%.

Daily June Comex Gold

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade through $1326.30 will indicate the counter-trend buying is getting stronger. The main trend will actually turn up on a trade through $1356.00. A move through $1287.50 will reaffirm the downtrend.

The main range is $1356.00 to $1287.50. Its retracement zone at $1321.80 to $1329.80 is currently being tested. This zone is controlling the near-term direction of the market.

Daily Technical Forecast

Based on the early price action and the current price at $1324.70, the direction of the June Comex gold futures contract the rest of the session is likely to be determined by trader reaction to the main 50% level at $1321.00.

Bullish Scenario

A sustained move over $1321.00 will indicate the presence of buyers. If this move creates enough upside momentum then look for buyers to take out last week’s high at $1226.30. This could trigger a surge into the main Fibonacci level at $1329.80. This is followed closely by a downtrending Gann angle at $1333.00.

Bearish Scenario

A sustained move under $1321.00 will signal the presence of sellers. If this move creates enough downside momentum then look for a potential break into the uptrending Gann angle at $1311.50. This angle has been guiding the market higher since the main bottom was formed at $1287.50 on March 7.

If $1287.50 fails then look for a break into the downtrending Gann angle at $1310.00. This is a potential trigger point for an acceleration into the next uptrending Gann angle at $1299.50.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.