Gold Futures COMEX:​GC1!

 
     
 
     
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GC1! Commodities Futures Chart

Technical Analysis Summary

GC1!

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.

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News

AntMwah AntMwah GC1!, D, Long ,
GC1!: Completed 3 drives down structure - on the move up
2 0 0
GC1!, D Long
Completed 3 drives down structure - on the move up

Whilst a lot of focus was on the diagonal support structures for gold, including a bottom at $1240, I prefer this more technical explanation. The price has basically completed 3 drives down: 1) 1370 (top) to 1303 retrace to 61.8% line at 1328 2) 1328 to 1284 (1.272% extension) retrace to 78.6% line at 1317 3) 1317 to 1261 (161.8% extension) = ...

AntMwah AntMwah GC1!, W, Long ,
GC1!: Week of rare opportunith
5 0 0
GC1!, W Long
Week of rare opportunith

Weekly pivot low setting in here. Higher from here.

AntMwah AntMwah GC1!, 1D, Long ,
GC1!: Choppy Friday but the bottom is in
13 0 1
GC1!, 1D Long
Choppy Friday but the bottom is in

Failure on Friday to move much lower than $1290 and certainly not even challenge the trending support despite the NFP data tells us the bottom is truely in. I think this is now an accumulation zone whilst we await FOMC later in the month. Will slowly trend up until then.

AntMwah AntMwah GC1!, 240, Long ,
GC1!: Gap up on Sunday
32 0 0
GC1!, 240 Long
Gap up on Sunday

The RSI on this 4hr chart has bottomed, we've seen it touch the channel bottom & I now think we will see a sustained push to break $1363 (black horizontal) which is the present resistance. With USDJPY looking set to head lower the conditions seem likely for a surge during the Asian session once we reopen after the weekend. Stay long to $1363, then buy more at the ...

DrGonzo87 DrGonzo87 GC1!, M,
GC1!: Is Gold At A Critical Technical Juncture?
107 0 0
GC1!, M
Is Gold At A Critical Technical Juncture?

The above is my non-professional, long term view of gold in logarithmic scale. Given that the metal still seems to be in a phase of indecision, I will have to wait and see how this consolidation resolves before deciding on the likely long-term direction of the gold price.

AntMwah AntMwah GC1!, D, Long ,
GC1!: $1292-$1300 rock solid support
29 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.

Tradimo_Official Tradimo_Official GC1!, D,
GC1!: Gold is facing 1.300 again
24 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 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 GC1!, 240, Long ,
GC1!: Long off channel bottom
7 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 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 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 GC1!/SI1!, W, Short ,
GC1!/SI1!: Gold-Silver-Ratio
29 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 GC1!, 2D, Long ,
GC1!: Gold to Break Higher - watch these levels
28 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 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 GC1!, D, Long ,
GC1!: Double Bottom
29 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 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 GC1!, D, Short ,
GC1!: Watching $1250 with interest
16 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 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.

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