Yahoo Finance Gold Price Futures (GC) Technical Analysis – June 14, 2018 Forecast
August Comex Gold futures are trading higher on Thursday shortly before the regular session opening. The move is being fueled by the lifting of the uncertainty regarding the Fed’s pace of future rate hikes. In yesterday’s U.S. Federal Reserve Monetary Policy Statement, the central bank said it was likely to raise interest rates at least two more times this year.
Gold is also being supported by a dip in U.S. Treasury yields early Thursday. This is helping to make the U.S. Dollar a less-attractive investment. The weaker dollar is helping to drive up foreign demand for dollar-denominated gold.
Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade through $1312.60 will change the main trend to up. This action would make $1294.50 a new main bottom.
The minor trend is up. It turned up earlier in the session when buyers took out the swing tops at $1307.00 and $1307.80.
Gold is currently trading inside a major retracement zone bounded by $1300.60 to $1315.60. This zone is controlling the near-term direction of the market.
The main range is $1332.40 to $1286.80. Its retracement zone at $1309.60 to $1315.00 is the next upside target.
The combination of the two retracement zones creates a major resistance cluster at $1315.00 to $1315.60. This zone is also the trigger point for an acceleration to the upside.
Daily Swing Chart Technical Forecast
Based on the early trade, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the short-term 50% level at $1309.60.
A sustained move under $1309.60 will indicate the presence of sellers. If this move generates enough downside momentum then look for a possible break into the major Fib level at $1300.60. This is followed by a series of bottoms ranging from $1294.50 to $1286.80.
A sustained move over $1309.60 will signal the presence of buyers. This move could trigger a spike into $1311.50, $1312.60 then the resistance cluster at $1315.00 to $1315.60.
Watch for a technical bounce on the first test of $1315.00 to $1315.60. However, overtaking $1315.60 could trigger an acceleration to the upside with $1332.40 the next major target.
This article was originally posted on FX Empire
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