Gold Price Futures (GC) Technical Analysis – May 30, 2019 Forecast

Based on the current price at $1292.50, the direction of the August Comex gold futures contract the rest of the session is likely to be determined by trader reaction to the 50% level at $1292.40.
James Hyerczyk
Comex Gold

Gold futures are inching higher at the mid-session after recovering from earlier weakness. The price action indicates that buyers found value once again inside a major retracement zone. Furthermore, buyers came in ahead of a pair of bottoms.

The market just hit a new high for the week as the Dow Jones Industrial Average turned lower for the session. Treasury yields are higher today as well as the U.S. Dollar Index. The price action today indicates that traders are looking at gold as an investment today rather than a hedge against uncertainty.

At 15:08 GMT, August Comex gold is trading $1292.50, up $6.20 or +0.48%.

Daily August Comex Gold

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has been trending lower since the formation of the closing price reversal top at $1310.10 on May 14.

A trade through $1274.60 will change the main trend to down. A move through $1310.10 will signal a resumption of the uptrend.

The major support is a retracement zone at $1280.80 to $1261.70. This zone stopped the selling at $1273.20 on May 2 and at $1274.60 on May 21. Today’s low at $1279.20 was also inside this zone.

The short-term range is $1310.10 to $1274.60. Its retracement zone at $1292.40 to $1296.50 is resistance. It is currently being tested. Sellers are going to try to stop the rally inside this zone in an effort to form a secondary lower top. Buyers are going to try to take out $1206.50.

The major resistance is the 50% level at $1307.70.

Daily Technical Forecast

Based on the current price at $1292.50, the direction of the August Comex gold futures contract the rest of the session is likely to be determined by trader reaction to the 50% level at $1292.40.

Bullish Scenario

A sustained move over $1292.40 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to extend into the Fibonacci level at $1296.50. Taking out this level will mean the buying is getting stronger. This could lead to a test of the downtrending Gann angle at $1299.10. This angle is the trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under $1292.40 will signal the presence of sellers. This will indicate that sellers are defending the retracement zone. This could trigger a pullback into the uptrending Gann angle at $1286.60. If this angle fails as support then look for the selling to possible extend into the support cluster at $1280.80 to $1280.60.

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

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US