GOLD FUTURES

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GC1! Commodities Futures Chart

 

GC1! (Gold Futures)

Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.

Related Symbols

XAUUSD
Gold / U.S. Dollar
 
   
GC2!
GOLD FUTURES
 
   
GOLD
GOLD (US$/OZ)
 
   
GOLDSILVER
GOLD/SILVER RATIO
 
   
QO1!
GOLD (MINI) FUTURES
 
   

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AntMwah AntMwah PRO GC1!, D, Long ,
GC1!: $1292-$1300 rock solid support
20 0 1
GC1!, D Long
$1292-$1300 rock solid support

I like this area for support. Was major area of resistance prior to the recent breakthrough plus the 50DMA has now caught up to this area. Add on that the general political and world uncertainty and I don't think the markets will stray lower for now.

GC1!: Gold is facing 1.300 again
17 0 1
GC1!, D
Gold is facing 1.300 again

After a clear rally, Gold finally reached the support again. Almost every gold trader has the level of 1,300 on the screen and in this area, there is an enormous number of orders, on the one hand stops for all traders that are already long positioned, but also pending orders for long trades. In addition, the level of 1,300 hits the 38 Fibonacci level. Every ...

AntMwah AntMwah PRO GC1!, 240, Short ,
GC1!: Head and Shoulders
6 0 0
GC1!, 240 Short
Head and Shoulders

Alternative read on this chart to my prior post on Gold is that we have a head and shoulders in play here and the completion of that move would give us a retrace back towards the $1300 area. RSI is oversold so this isn't my preferred option but is a possibility nevertheless.

AntMwah AntMwah PRO GC1!, 240, Long ,
GC1!: Long off channel bottom
6 0 0
GC1!, 240 Long
Long off channel bottom

Hit the bottom of this channel and close to tagging the 20DMA. If you stick with the trend this goes back to the top and gives us a $1360 TP.

AntMwah AntMwah PRO GC1!, D, Short ,
GC1!: Retrace to channel bottom
5 0 0
GC1!, D Short
Retrace to channel bottom

I have two favoured short targets here. Either the channel bottom or the 20DMA. Latter needs to catch the price up and form a decent support if we are to see more upside. TP $1320

AntMwah AntMwah PRO GC1!, D,
GC1!: False break in both directions
18 0 3
GC1!, D
False break in both directions

This squeeze won't go on much longer. The price will move in the next session. I'd guess long, but tbh wait for the break above $1300 and jump on the bus then. Target $1320

Tradimo_Official Tradimo_Official PRO GC1!/SI1!, W, Short ,
GC1!/SI1!: Gold-Silver-Ratio
19 0 7
GC1!/SI1!, W Short
Gold-Silver-Ratio

It is always worth a look at the gold-silver ratio. Currently, gold is 76 times more expensive than silver (per ounce). In the past, it has been shown that the area above 78 is an extreme area and can be used for trades. In this case, you would sell gold and buy silver.

MVedra MVedra PRO GC1!, 2D, Long ,
GC1!: Gold to Break Higher - watch these levels
26 0 1
GC1!, 2D Long
Gold to Break Higher - watch these levels

The chart shows where major support and resistance is, and is there to indicate the trend. On smaller time frames you'll notice that Gold has over the past week firmly stayed at 1275, rather than dipping lower. The fact that this is happening near a turning point in a major downtrend may indicate that this an early signal to get long. If Gold moves above ...

AntMwah AntMwah PRO GC1!, D, Short ,
GC1!: Support levels for Gold
20 0 1
GC1!, D Short
Support levels for Gold

Ok, now that this has broken through the previously strong support at $1215 on Friday the next support levels are plotted here. There is a horizontal support around the $1195-$1200 area with the latter I think also marketing a phychological barrier potentially. Under this we then meet a longer term support line in the $1180 area.

AntMwah AntMwah PRO GC1!, D, Long ,
GC1!: Double Bottom
28 0 2
GC1!, D Long
Double Bottom

Very possible yesterday's move down resulted in a double bottom in the $1215 area. I now expect to see a reversal and the breakdown area from yesterday ($1235) retested. So long at least to that level and if that level is retaken hold for the top of the rectangle (where it double topped previously at around $1300)

AntMwah AntMwah PRO GC1!, D, Long ,
GC1!: On the support (again)
14 0 1
GC1!, D Long
On the support (again)

Struggling a bit, but the support line has held firm so far (barring the "fat fingers" event a few days ago)

AntMwah AntMwah PRO GC1!, D, Short ,
GC1!: Watching $1250 with interest
14 0 1
GC1!, D Short
Watching $1250 with interest

Should certainly make it to $1240 but further break of that support line brings the bottom of the overall triangle into play. Below the big 50% Fib line of the 2009-2012 low/high gold is still in a bearish channel & rejects the higher moves each time.

AntMwah AntMwah PRO GC1!, D, Long ,
GC1!: Anything at all higher.......
18 0 1
GC1!, D Long
Anything at all higher.......

Closed right on the long term trend-line. Anything above here is extremely bullish. $1308 for starters but probably much much higher.

AntMwah AntMwah PRO GC1!, D, Long ,
GC1!: Gold back over 61.8% fib
20 0 1
GC1!, D Long
Gold back over 61.8% fib

With USDJPY under pressure I think this is good value here. Looking for a big move $1350-$1400 area.

Natalie.Gin Natalie.Gin GC1!, D, Long ,
GC1!: Gold Price  - Buy
144 0 9
GC1!, D Long
Gold Price - Buy

After a low opening and touching the 1,221.50 level on Monday morning the yellow metal regained its losses in the early hours of the day’s trading session. However, the bullion is still likely to continue the retreat, as the Macron victory in the French Presidential Election is seen as a sign of minor changes in the fundamentals in the financial markets, which ...

AntMwah AntMwah PRO GC1!, D, Long ,
GC1!: Gold support off rising wedge
10 0 1
GC1!, D Long
Gold support off rising wedge

This looks well supported here. Long to the top of the wedge. $1280 target.

AntMwah AntMwah PRO GC1!, D,
GC1!: Gold - long-term resistance holding
9 0 1
GC1!, D
Gold - long-term resistance holding

The long-term falling trendline has been attacked without success multiple times and failed. You might have expected a deep retrace from this but it's not yet occurred. French elections obviously hold uncertainty which Gold likes and I see short term weakness in USDJPY so all this may conspire to either have Gold hold this line into the falling wedge OR possibly ...

THESTOPHUNTER THESTOPHUNTER PRO GC1!, D, Short ,
GC1!: Gold looking a bit toppy ahead of the French elections?
8 0 2
GC1!, D Short
Gold looking a bit toppy ahead of the French elections?

Still a lot of geopolitical uncertainty about and who knows what result the upcoming French elections may bring. All of which may favour further Gold bullishness. Currently though, looking a bit toppy at current levels and could be good for a move back to the key psychological level of $1250 in the shorter term? Upside resistance $1300 area, downside $1250 then ...

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