Gold Price Futures (GC) Technical Analysis – March 28, 2019 Forecast

Gold is being pressured on Thursday by a strong U.S. Dollar and increased demand for higher risk assets. Fear of a recession is driving investors into the safe-haven dollar while another round of trade talks between the U.S. and China is helping to drive stock prices higher. The dollar is also being helped by a plunge in the Euro. The dollar is also being supported because most of the major central banks have turned dovish.

At 14:03 GMT, June Comex gold is trading $1296.60, down $20.30 or -1.55%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1287.50 will reaffirm the downtrend. A move through $1330.80 will change the minor trend to up.

The main range is $1356.00 to $1287.50. Its retracement zone at $1321.80 to $1329.80 is resistance.

The short-term range is $1287.50 to $1330.80. Its retracement zone is $1304.00 to $1309.20. The market is trading on the weak side of this zone, making it new resistance.

Daily Technical Forecast

Based on the current price at $1296.60 and the downside momentum, the next downside target is an uptrending Gann angle at $1295.00. We could see a technical bounce on the first test of this level due to profit-taking. However, it if fails then look for the selling to extend into the next downtrending Gann angle at $1291.20. This is the last potential support angle before the $1287.50 main bottom.

On the upside, the nearest targets are a series of levels at $1302.50, $1304.00 and $1306.80. Since the main trend is down, sellers are likely to come in on the first test of $1302.50 to $1306.80. The market could accelerate to the upside if buyers can take out $1306.80.

Look for the downside pressure to continue as long as the U.S. Dollar remains strong and stocks can hold on to their gains.