An early day trade story for Gold (GC)
Daily Technical Analysis & Forecast
The short-term trend when you analyze the daily chart, for Gold has been range bound for almost 2 months now. A move on decent volume below 1264 will validate the downtrend and look to take out the August lows in the 1257 area. Only a move above 1290 will signal a trend change to the upside.
Based on the current price at $1272.20, the direction of the gold market the rest of the session will be determined by my DailyTarget lower number at 1270.5. Trading through this lower target will mean we test support numbers mentioned above, if not today then later during the week. I am already seeing sellers here below 1276 and only resurfacing above 1278 will indicate any resurrection in price for today. There is a fib level in the 1282 area that I am watching closely and taking that out in good volume would mean we may encounter a change in market sentiment for Gold.
Recent articles from this author
- An early day trade story for Gold (GC) – Tuesday, November 14, 2017
- ES – Emini S&P Weekly Forecast & Technical Analysis – Monday, November 13, 2017
- Nasdaq Futures – Weekly Technical Analysis & Forecast – Monday, November 13, 2017
- WTI Crude Price Analysis – Wednesday, November 08, 2017
- Forecast & Trade Plan for trading the Nasdaq futures – Friday, October 06, 2017
About the author
Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders – professional, non-professional and the novice trader – throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!
Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.
In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at firstname.lastname@example.org