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Gold Future ($GC_F) Consolidation Leaves Bullish Bias

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Gold Future ($GC_F) Consolidation Leaves Bullish Bias

June 2015 Contract

A consolidation start the week and more expected into Tuesday, with a mixed tone from last week.

A bounce from ahead of minor support at 1188 (off of 1192), but only after a push below notable gap/ trend line/ chart  supports leaves a neutral tone early this week.

However, the strong rally to start April, through the March peak at 1220 to probe the chart/ retrace resistance area at 1223/25 signaled a bullish shift into April, but we now view this potentially as a head fake move.

For Today: We see a neutral tone between 1213/16 and 1192.

Break above 1213/16 aims for 1224/25, which we would look to try to cap.

Break below 1192 aims for 1180/78, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

Whilst above 1178 we see a positive tone with the bullish threat above 1224/25.

Above here targets 1244/46; break here aims for 1275.

A taster of the report above. To view the full Gold Future report with screencasts, levels and more, click here

Remember, for a FREE trial of our Commodity and all other reports, sign up by clicking here

4 Hour Gold Future Chart

b2ap3_thumbnail_gold2_20150414-053804_1.png

Daily Gold Future Chart

b2ap3_thumbnail_gold1_20150414-053754_1.png

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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