Comex Gold (GC) Futures Technical Analysis – April 3, 2014 …
Get Forex buy/sell signals directly to your email and by SMS.
June Comex Gold futures are trading lower. Traders failed to follow-through to the upside after Wednesday strong rally. This is a sign that buyers are still shying away from the long side. If there is a rally, it is likely to be driven by short-covering.
The main range is $1186.70 to $1392.20. The retracement zone created by this range is $1289.45 to $1265.20. Over the past five days, the market has been straddling the upper or 50% at $1289.45 in an effort to form a support base. The sideways action across this price level may be suggesting the lack of selling pressure rather than counter-trend buying.
Daily June Comex Gold
There are two levels to watch today. The first is a long-term downtrending angle from the $1392.20 top at $1288.20. Taking out and sustaining a move over this angle on an intraday basis will be a sign that the buying may be stronger than the selling, but crossing to the bullish side of the 50% level at $1289.45 will be an even stronger sign that a change in sentiment may be taking place.
A failure to overcome $1289.45 will be a sign that sellers are still in control. If the selling pressure is strong enough today, look for $1277.40 to fail. This would set up a further break to $1265.20.
Today, the price action today will be decided by how investors react to $1289.45.
Read the article:
Comex Gold (GC) Futures Technical Analysis – April 3, 2014 …
See which stocks are being affected by Social Media
