FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
Comex Gold

Gold futures are inching lower late in the session on Tuesday as a firmer U.S. Dollar countered a drop in U.S. Treasury yields as investors looked ahead to U.S. inflation data that could influence the Federal Reserve’s timeline to taper monetary support.

At 19:02 GMT, August Comex gold futures are trading $1896.10, down $2.70 or -0.14%.

Advertisement
Know where Gold is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The two-sided trade the past several sessions indicates that gold traders may have mixed feelings about the direction of the Fed ahead of next week’s U.S. Federal Reserve monetary policy meeting on June 15-16.

Stronger-than-expected consumer inflation data on Thursday could drive fears that central bank policymakers will begin a move to scale back its accommodative monetary policy, driving gold prices lower.

Daily August Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum has been trending higher since Friday’s closing price reversal bottom.

A trade through $1919.20 will change the main trend to up. A move through $1855.60 will negate the closing price reversal bottom and signal a resumption of the downtrend.

On the upside, the near-term resistance is $1899.20. The longer-term resistance is $1899.20 to $1951.30.

The minor range is $1919.20 to $1855.60. Its 50% level at $1886.80 is support.

Short-term 50% support comes in at $1865.00 and $1838.00.

Advertisement

Daily Swing Chart Technical Forecast

The direction of the August Comex gold market into the close on Tuesday is likely to be determined by trader reaction to $1899.20

Bullish Scenario

A sustained move over $1899.20 will indicate the presence of buyers. If this creates enough upside momentum then look for a surge into $1919.20. This is a potential trigger point for an acceleration to the upside with $1951.30 the next likely upside target.

Bearish Scenario

A sustained move under $1899.20 will signal the presence of sellers. The first downside target is $1886.80. Taking out this level could trigger an acceleration to the downside with the next targets coming in at $1865.00 and $1855.60.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker