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Gold Price Futures (GC) Technical Analysis – Trend Changes to Down on Trade Through $1309.30

A stronger U.S. Dollar and a stable stock market helped drive June Comex Gold futures sharply lower last week. The selling pressure erased most of the previous week’s gains. Despite the sell-off, the market is likely to remain exposed to elevated levels of volatility this week due to concerns over trade wars, turmoil in the White House, the easing of tensions between the U.S. and North Korea and a series of major U.S. economic reports including Non-Farm Payrolls on Friday.

Comex Gold
Weekly June Comex Gold

Weekly Technical Analysis

The main trend is up according to the weekly swing chart. A trade through $1375.50 will signal a resumption of the uptrend.

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The main trend will change to down on a move through $1309.30.

The short-term range is $1375.50 to $1309.30. Its retracement zone at $1342.40 to $1350.20 is resistance.

The intermediate range is $1247.20 to $1375.50. Its retracement zone at $1311.40 to $1296.20 is one support level.

The main range is $1221.80 to $1375.50. Its retracement zone at $1298.70 to $1280.50 is the second support level.

The best support level is a price cluster formed by the main 50% level at $1298.70 and the intermediate Fibonacci level at $1296.20.

Comex Gold (Close-Up)
Weekly June Comex Gold (Close-Up)

Weekly Technical Forecast

Based on last week’s close at $1327.30, the direction of the gold market this week is likely to be determined by trader reaction to the uptrending Gann angle at $1329.30.

Holding above $1329.30 will indicate the presence of buyers. This could drive the market into a downtrending angle at $1335.50.

Taking out $1335.50 will indicate the buying is getting stronger. This could fuel a labored rally into $1342.40, $1350.20 and a downtrending Gann angle at $1355.50. This is the last potential resistance angle before last week’s high at $1362.60.

If $1329.30 fails as support then look for a break into the next uptrending Gann angle at $1319.30. This is the last potential support angle before the 50% level at $1311.40 and the main bottom at $1309.30.

If $1309.30 fails then look for an acceleration into a cluster of numbers at $1298.70, $1297.80 and $1296.20.

This article was originally posted on FX Empire

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