Comex Gold Futures (GC) Technical Analysis – July 1, 2014 …
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August Comex Gold futures straddled a key 50% level for the eighth consecutive day on Monday before surging to the upside. The move also took out a major long-term downtrending angle, presenting further evidence of strong buying. The rally is likely to continue as long as the 50% level holds as support, but the buying has to be strong enough to take out a Fibonacci level to trigger the next acceleration to the upside.
Daily August Comex Gold
The main range is $1392.00 to $1240.20. The retracement zone formed by this range is $1316.10 to $1334.00. The lower or 50% level is the support today. The upper or Fibonacci level at $1334.00 is the next likely upside target.
The major downtrending angle from the $1392.00 top comes in at $1318.00. This former resistance angle is now new support. Crossing under this angle will be a sign of weakness, but the market won’t sell-off until the 50% level at $1316.10 is taken out with conviction. If this occurs then look for the start of a correction back to $1298.00.
Although taking out the Fib number at $1334.00 will indicate strength, the real buying is likely to occur if gold regains the steep uptrending angle from the $1258.00. This angle, moving up $8.00 per day, moves up to $1338.00 today.
Upside momentum could continue today, but the market has to clear $1334.00 convincingly or gold will become range bound with $1316.00 the support.
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Comex Gold Futures (GC) Technical Analysis – July 1, 2014 …
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