Gold Price Futures (GC) Technical Analysis – August 3, 2017 Forecast

James Hyerczyk
Updated
0

August Comex gold futures are trading lower shortly before the regular session opening, but well off its low. The market is reacting to the Bank of England’s decision to leave interest rates unchanged while cutting its outlook for growth and inflation.

Comex Gold
Daily December Comex Gold

Technical Analysis

The main trend is up according to the daily swing chart. A trade through $1280.30 will signal a resumption of the uptrend. A move through $1249.40 will change the main trend to down.

The main range is $1305.50 to $1211.10. Its retracement zone is $1269.40 to $1258.30. This zone is controlling the near-term direction of the market and should be treated like support.

The short-term range is $1211.10 to $1280.30. If the trend changes to down then its retracement zone at $1245.70 to $1237.50 will become the primary downside target.

Forecast

Based on the current price at $1273.20 and he earlier price action, look for an upside bias to develop on a sustained move over $1273.40 and for a downside bias to develop on a sustained move under $1261.40. Trading between these angles will likely produce a choppy, two-sided trade.

Overtaking $1273.40 will signal the presence of buyers. This could trigger a rally into $1280.30, followed by $1285.00.

A failure to hold $1261.40 will indicate the presence of sellers. This could lead to a fast break into $1258.30. Look for an acceleration to the downside if $1258.30 fails. This could trigger an acceleration into $1248.40 to $1247.10.

This article was originally posted on FX Empire

More From FXEMPIRE:

Advertisement

Recommended Stories

  • Sam Bankman-Fried Traded In His $35 Million Mansion In The Bahamas For A Prison Cell With 35 Inmates But Claims "He Did Not Do Anything Wrong"

    Formerly disgraced FTX CEO and Co-Founder Sam Bankman-Fried was convicted in November of wire fraud, money laundering and conspiracy, and sentenced to 25 years in prison. His high-profile trial marked a significant chapter in the unraveling of FTX, which collapsed under suspicious financial practices, leading to intense scrutiny and legal action. For the first time since his incarceration, Bankman-Fried described his daily life in a detailed interview with journalist William D. Cohan of Puck. Do

  • Charles Schwab website ‘is a mess’: Hundreds of TD Ameritrade users complain about their new online home.

    “It wouldn’t surprise me if they see an outflow of clients over the next six months,” one user told MarketWatch.

  • Homes are overvalued in much of the U.S. — with these 5 states leading the list

    Home prices are overvalued nationally, according to a new report by Fitch Ratings, led by Southern states.

  • Nvidia Recently Bought 5 Artificial Intelligence (AI) Stocks, and 1 Is Absolutely Soaring

    Nvidia is spreading some of its recently amassed wealth by investing in smaller AI companies.

  • Are Options Traders Betting on a Big Move in Intel (INTC) Stock?

    Investors need to pay close attention to Intel (INTC) stock based on the movements in the options market lately.

  • Exclusive-Bank of America banker who died had sought to leave, citing long hours, recruiter says

    The 35-year-old Bank of America investment banker who died from a blood clot earlier this month wanted to leave the U.S. bank because he was working more than 100 hours a week, according to an executive recruiter who spoke with him about seeking a new job. Junior banker Leo Lukenas III died of an acute coronary artery thrombus, a type of blood clot, the New York Office of the Chief Medical Examiner said last week. Lukenas said in mid-March that he wanted to leave Bank of America because of the grueling hours, Douglas Walters, a managing partner at GrayFox Recruitment, told Reuters in an interview.

  • Seeking 12% Dividend Yield? Analysts Suggest 2 Dividend Stocks to Buy

    Now that we’ve had time to digest the April jobs numbers, some strategists are getting worried about the economy’s mid-term outlook. The jobs report showed 175,000 new jobs added in the month – but that was the lowest gain in the past six months, and was accompanied by an uptick in unemployment, from 3.8% to 3.9%. Along with these topline numbers, the report showed declines in job openings and hires. For Roukaya Ibrahim, watching the US economy from BCA, this job report may indicate a shift towa

  • Cisco forecasts fourth-quarter revenue above estimates

    Cisco has been benefiting from an increase in spending, with companies trying to boost their growing artificial intelligence and cloud computing needs. The company has also been trying to reduce its reliance on its massive networking equipment business, which has suffered in recent years from supply chain issues and a post-pandemic slowdown in demand. Last year, the Cisco agreed to buy Splunk, to enhance its cybersecurity capabilities and broaden its market reach.

  • Walmart lays off hundreds of employees and requires others to relocate

    Walmart on Tuesday announced layoffs affecting several hundred jobs at the retail giant’s campus offices. It also said it will require most remote workers and personnel in its Dallas, Atlanta and Toronto offices to relocate to its primary offices in Bentonville, Arkansas; Hoboken, New Jersey; and the San Francisco Bay Area. The news, conveyed via a Walmart staff memo provided to The Associated Press, said the relocations will serve the goal of “bringing more of us together more often.”

  • What is a high-net-worth individual?

    High-net-worth individuals, those with net worths of $1 million or more and liquid assets, take different approaches to finance than others.