Comex Gold (GC) Futures Technical Analysis – March 12, 2014 …
Get Forex buy/sell signals directly to your email and by SMS.
Worries about the standoff between Ukraine and Russia continued to drive April Comex Gold futures higher overnight. The market briefly crossed the October 2013 top at $1361.10 before meeting selling pressure. The next move through this level is going to have to stick or it will look like investors are shying away from buying strength.
Because this market is being driven by momentum and since there isn’t any true resistance until at least $1375.30, investors have to focus on the order flow and the chart pattern at current price levels. Upside breakouts have to be confirmed by strong volume and traders will be able to see this by watching the order flow.
Daily April Comex Gold
The chart pattern to watch for is the closing price reversal top. This can occur on either the hourly or daily chart. Since gold is in a prolonged move up in terms of price and time, investors have to continue to protect the downside. The upside will take care of itself.
Technically, April Gold is trading inside of a bullish uptrending channel. The support level of the channel is $1349.50. The upper level is $1374.30. If strong momentum can take the market through the $1361.10 main top then look for investors to go after the price target at $1374.30 to 1375.30.
Today’s upside momentum will be determined by how investors handle a breakout over $1361.10. Buyers must take out this area with conviction in order to set the market on a path toward the target zone at $1374.30 to $1379.30.
Original article:
Comex Gold (GC) Futures Technical Analysis – March 12, 2014 …
See which stocks are being affected by Social Media
