Comex Gold Futures (GC) Technical Analysis – June 23, 2014 …
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August Comex Gold futures finished the week sharply higher and closed near its high, giving the market a slight upside bias. The only problem for the bullish traders is that the rally took gold into a major retracement zone. Weak longs may use this as an excuse to take profits, or aggressive shorts may take advantage of a good price level to initiate new positions.
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. A major downtrending angle pierces this zone at $1324.00 today, making it a valid target. Last week’s high was $1322.50, proof that traders are respecting the zone.
The inability to take out $1324.00 will be the first sign that momentum is getting ready to shift to the downside. The next sign will be a break under the steep uptrending angle at $1322.00. Taking out the 50% level at $1316.00 with conviction will mean that selling pressure is building.
The daily chart indicates there is plenty of room to the downside with an uptrending angle at $1290.00 a potential upside target. The short-term range is $1258.00 to $1322.50. This zone forms a retracement zone at $1290.20 to $1282.60.
The 50% level at $1290.20 and the uptrending angle at $1290.00 form an important support cluster and possible downside target.
The tone of the market today will be determined by how traders react to the 50% level at $1316.10. This price is likely to act like a pivot.
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Comex Gold Futures (GC) Technical Analysis – June 23, 2014 …
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