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Gold Futures

15,441JPYD
−239−1.52%
As of today at 02:29 GMT
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Gold Futures (COMEX) - 1H Chart Technical Analysis1. Price Action & Trend Analysis The current price is $2,917.7, showing a slight decline of -0.02%. The chart reflects a sideways consolidation phase, as seen within the highlighted blue rectangular range. A support zone is forming around $2,900 - $2,910, while resistance appears near $2,930 - $2,940. There are two possible price projections: Bullish Scenario (Red Projection): If price sustains above the Point of Control (POC: $2,927.8), it could move upwards toward $2,950 - $2,980. Bearish Scenario (Blue Projection): If price fails to hold $2,910, further downside toward $2,870 - $2,850 is likely. 2. Volume Profile & Point of Control (POC) POC: $2,927.8 is the area with the highest traded volume, acting as a key resistance level. Volume Analysis: Last 60 bars show up volume (295.541K) < down volume (243.149K), suggesting bearish dominance with 15.47% more selling pressure. If price remains below POC, a bearish breakdown is possible. 3. Support & Resistance Levels Immediate Resistance: $2,927 - $2,930 (POC level) Next Resistance: $2,950 - $2,980 (Projected upside) Immediate Support: $2,910 - $2,900 (Lower range) Key Support Zone: $2,870 - $2,850 (Bearish target if breakdown occurs) 4. Trend Channels & Market Structure Two projected channels are present: Bullish Channel (Red) suggests an upward breakout could lead to $2,950 - $2,980. Bearish Channel (Blue) shows a breakdown could target $2,870 - $2,850. 5. Trading Strategy Suggestions Bullish Bias: A breakout above $2,930 - $2,940 could push price toward $2,950 - $2,980. Buy if price sustains above POC ($2,927.8) with a stop-loss below $2,910. Bearish Bias: A breakdown below $2,910 could trigger a drop to $2,870 - $2,850. Sell if price fails at $2,927.8 and breaks below $2,910, with a stop-loss above $2,930. Conclusion POC ($2,927.8) is the key level to watch for direction. If price stays below POC, expect further bearish movement. A breakout above $2,930 could trigger bullish continuation. The volume analysis favors bears slightly, but confirmation is needed. Gold Futures (COMEX) - 1H Trade Setup & Risk Management Since the market is in consolidation near the Point of Control (POC: $2,927.8), we will set up both bullish and bearish trade scenarios based on price action. 📈 Bullish Trade Setup (Breakout Above $2,930 - $2,940) Entry: Buy above $2,932 - $2,935 (Confirmation of breakout & retest). Wait for a strong candle close above resistance ($2,930) with increasing volume. Target Levels: Target 1: $2,950 Target 2: $2,970 Target 3: $2,980 Stop-Loss: Place SL below $2,910 (Strong support level). Risk-Reward Ratio (RRR): Target 1: ~1:2 Target 2: ~1:3 Target 3: ~1:4 📉 Bearish Trade Setup (Breakdown Below $2,910) Entry: Sell below $2,907 - $2,905 after a clear breakdown with strong volume. Ideally, wait for a retest of $2,910 as resistance before shorting. Target Levels: Target 1: $2,880 Target 2: $2,870 Target 3: $2,850 Stop-Loss: Place SL above $2,930 (Key resistance level & POC). Risk-Reward Ratio (RRR): Target 1: ~1:2 Target 2: ~1:3 Target 3: ~1:4 🔹 Risk Management Tips ✅ Trade only after confirmation (Breakout or breakdown with volume). ✅ Risk per trade: Keep it 1-2% of your capital. ✅ Avoid trading inside the range ($2,910 - $2,930) unless there's a strong move. ✅ Use trailing stop-loss to secure profits once price moves in favor. 🔥 Final Thoughts If price holds above POC ($2,927.8) → Expect bullish move toward $2,950 - $2,980. If price rejects POC & breaks $2,910, expect bearish drop to $2,870 - $2,850. Volume favors bears slightly, but confirmation is key before taking trades.
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by ProspireWealth
Bullish Movement in hidingThe Gold chart has a lot of info in display.If you go with the most current structure, you will see an (M) formation first,then a Bullish Flag and when you zoom out you notice a bigger structure of an Inverse Head and Shoulders(IHnS). So basically, there should be a short term sell to complete 90% of the M before moving upwards. This would mean placing a reminder at 2895.3 for the reversal of the M. As for the Bullish Flag it should be at 2904.0 but this can lead to a stop loss hunt if your SL isnt big enough to anticipate a wick all the way to 2892.0 or slitely further. Finally, the as for the Inverse Head and Shoulders(IHnS), the best entry would be at 2895.3
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by theeonlydave
Gold Futures - Potential Springtime ReversalGold futures have been on a rally, but recent price action suggests a potential shift. Could we be witnessing a Wyckoff distribution forming? Understanding Wyckoff Distribution The Wyckoff distribution pattern occurs when large institutions begin selling off their positions to retail traders before a downtrend begins. This phase is often characterized by sideways price movement, false breakouts, and key "Signs of Weakness" (SOW) that hint at an impending sell-off. A Recent Sign of Weakness in Gold Futures A possible sign of weakness in gold futures was observed recently when prices gave a false break out at what retail traders would label "key levels". Historical Seasonal Trends: Spring Reversals Looking at historical data, Moore Research Center, Inc. (MRCI.com) has tracked seasonal gold price patterns for over 40 years. Their findings indicate that gold often experiences price reversals during the spring months. This aligns with the idea that we could be heading into a seasonally weak period, increasing the likelihood of a distribution phase playing out. What Traders Should Watch For As Gold rallies back towards a new all time high we should be aware that it may be just a false break to form the final phases of a distribution schematic. This would form an upthrust, and upthrust after distribution, followed by a sharp retracement back into the range and ultimately leading to a sell off and market reversal. Final Thoughts While nothing is certain, the combination of the financial institutions footprint and historical seasonal data suggests gold traders should proceed with caution. Whether you’re trading futures or investing in physical gold, staying aware of these patterns can help you make informed decisions. Do you think a Wyckoff distribution is playing out in gold? Share your thoughts in the comments!
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by renegadeforex
Gold in Strong Uptrend, but Is a Correction Looming?Gold remains well-positioned in a strong bullish trend, although prices have struggled to break above the rising trendline of the ascending channel. Considering that this move could represent the fifth wave of a larger-degree Elliott Wave structure, I’m on high alert for a potential correction. A pullback could bring prices back toward the $2,600 area. However, as of now, there are no clear signs of weakness, and the trend remains decisively bullish. 📈🔥
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by COLOMBINI-TRADING
GOLD - WEEKLY SUMMARY 24.2-28.2 / FORECAST🏆 GOLD – 16th week of the base cycle (15-20+ weeks). The February 24 pivot forecast turned gold downward, marking the top of the current base cycle and forming a double top with the February 11 pivot forecast. By Friday’s close, gold hit the first support at 2850 (see chart). We are in the final stage of the base cycle, but the pattern does not yet resemble a cycle completion. 👉 The price movement from the January 29 extreme forecast to the February 11 or February 24 extreme highs provided over $15K per contract on GC futures. Those who entered, congratulations on an excellent trade. A short position was opened at the February 24 pivot forecast. 👉 Strong support is at the October 28 extreme forecast level (2850-2830 on the current futures contract). This level needs to be broken. The next support is the broken double top at the previous retrograde Mercury level from November 25 (2780 on the current futures contract). ⚠️ The next extreme forecast is March 3 – the beginning of the retrograde Venus period, which I wrote about in early December. I am not sure if this extreme forecast will start a new cycle. A strong extreme forecast within the timing of the base cycle’s completion falls on the start of retrograde Mercury on March 17 (week 18 of the cycle).
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by irinawest