Comex Gold (GC) Futures Technical Analysis – April 21, 2014 …
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June Comex Gold futures are trading sharply lower in the pre-market session. Talk of peace between Ukraine and Russia is the catalyst behind the weakness.
The main trend is down on the daily chart. The current downside momentum has put the market in a position to challenge the April 1 bottom at $1277.40. A new main top has formed at $1331.40. A trade through this price will turn the main trend to up on the daily chart.
Daily June Comex Gold
The range for the year is $1186.70 to $1392.20. The retracement zone created by this range is $1289.45 to $1265.20. Overnight, gold crossed to the bearish side of the upper or 50% level at $1289.45, putting it in a weak position. Taking out the main bottom at $1277.40 could trigger an acceleration into the lower or 61.8% level at $1265.20.
Gold is also trading on the weak side of a pair of downtrending angles at $1296.20 and $1299.40. Both of these angles are resistance.
The tone of the day should be decided by how investors react to $1289.45. Currently, it is resistance. A sustained move under this level will mean the selling pressure is increasing.
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Comex Gold (GC) Futures Technical Analysis – April 21, 2014 …
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