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

Gold futures are trading higher on Monday as the U.S. Dollar gave back earlier gains and U.S. Treasury yields retreated. The market is now in a position to breakout over a major long-term 50% level.

At 14:04 GMT, June Comex gold futures are trading $1793.90, up $26.20 or +1.48%.

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.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1798.40 will reaffirm the uptrend. The main trend will change to down on a move through $1723.20.

Taking out $1798.40 will turn $1754.60 into a new main bottom.

The long-term trading range is $1464.20 to $2112.70. The market has been trading inside its 50% to 61.8% retracement zone at $1788.50 to $1711.90 since late February.

After a failed attempt to breakout to the downside through $1711.90 in March, the market is now attempting to breakout to the upside over $1788.50.

Advertisement

Daily Swing Chart Technical Forecast

The direction of the June Comex gold market on Monday is likely to be determined by trader reaction to $1788.50.

Bullish Scenario

A sustained move over $1788.50 will indicate the presence of buyers. This could trigger a move into the $1798.40 main top.

Taking out $1798.40 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with the February 23 main top at $1817.60 the next major upside target. A sustained move over this level could extend the rally into the February 10 main top at $1858.90.

Bearish Scenario

A sustained move under $1788.50 will signal the presence of sellers. This could lead to a labored break with potential downside targets coming in at $1776.50, $1760.80 and $1754.60.

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