Comex Gold (GC) Futures Technical Analysis – March 24, 2014 …
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The stronger dollar helped to pressure June Comex Gold futures overnight. The selling pressure was so strong that traders didn’t even react to the news of a military skirmish between Ukraine and Russia over the week-end. Today, it looks like fundamental traders will follow the direction of the Greenback.
The strong overnight selling pressure has gold in a position to challenge last week’s low at $1321.00. A trade through this level could trigger a break into the February 28 main bottom at $1319.90. Taking out this level with conviction will change the main trend to down on the daily chart.
Daily June Comex Gold
The intermediate range is $1238.50 to $1392.20. This range creates a retracement zone and potential downside target at $1315.61 to $1297.47. A major uptrending Gann angle comes in at $1298.70. This forms a potential support cluster with the lower or Fibonacci level at $1298.70 to $1297.47. This cluster represents a potential value area which could draw the attention of buyers.
On the upside, the first minor target is Friday’s high at $1343.20. This is followed by a downtrending resistance angle from the $1392.20 top at $1352.20.
Look for gold to open with a downside bias. Last week, bullish traders successfully defended the main bottom at $1319.90 when they stopped the break at $1321.00. If downside momentum is strong enough today then look for the short-sellers to trigger sell stops under $1319.90, turning the main trend to down. If the move can be sustained then look for an eventual test of $1315.61. Since there is room to the downside according to the daily chart, watch for an acceleration to the downside through this level.
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Comex Gold (GC) Futures Technical Analysis – March 24, 2014 …
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