Gold Price Futures (GC) Technical Analysis – Waiting for Catalyst to Trigger Breakout Over $1854.80

Gold futures are trading slightly better late in the session on Friday as U.S. Treasury yields weakened on safe-haven buying. Perhaps capping gains are a firm U.S. Dollar. Nonetheless, bullion is in a position to post its first week of gains in five on persistent worries over economic growth and a weekly decline in the greenback.

At 18:00 GMT, August Comex gold futures are trading $1848.90, up $1.10 or +0.06%. The SPDR Gold Shares ETF (GLD) is at $172.01, up $0.10 or +0.06%.

Mixed Daily Outlook as Traders Search for Catalysts

Treasury yields dipped slightly on Friday, continuing a trend of falling rates this week in the face of rising recession fears. The yield on the benchmark 10-year Treasury note fell 2 basis points to 2.83%. The yield on the 30-year Treasury bond moved 4 basis points lower to 3.03%.

Stock markets have had a turbulent week, with the benchmark S&P 500 briefly falling into bear market territory earlier today. Meanwhile the blue chip Dow Jones Industrial Average is headed for its eighth-straight negative week as investors fear a recession is imminent. That’s pushing investors to seek safe-haven protection in Treasurys, driving bond prices higher and yields lower.

Lower yields helped pressure the U.S. Dollar, making gold a more attractive asset to foreign buyers. The dollar was also pressured by expectations of rate hikes by the European Central Bank (ECB), the Reserve Bank of Australia (RBA) and the Reserve Bank of New Zealand (RBNZ).

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through $1917.60 will change the main trend to up. A move through $1792.00 will signal a resumption of the downtrend.

The minor trend is up. This is controlling the momentum. A trade through $1811.70 will change the minor trend to down.

The market is currently trading on the strong side of three retracement levels at $1844.00, $1833.10 and $1823.30, making them support.

The nearest resistance is $1854.80. Then there is a big jump into $1890.00 and $1900.30.

Short-Term Outlook

Trader reaction to $1854.80 and $1844.00 will determine the direction of August Comex gold into the close and early next week.

Bullish Scenario

A sustained move over $1854.80 will indicate the presence of buyers. If this creates enough upside momentum then look for a near-term surge into $1890.00 – $1900.30.

Bearish Scenario

A sustained move under $1854.80 will signal the presence of sellers with the nearest support targets at $1833.10 and $1823.30.

For a look at all of today’s economic events, check out our economic calendar.

Price of Gold Fundamental Daily Forecast – Watch for Upside Breakout if 10-Year Yield Falls Below 2.77%

Gold futures are trading higher on Thursday and higher for the week, but more importantly, the small support base it has been building the past four days is starting to take on a bullish appearance.

Now before you get too excited, we’re not talking about new record highs, but if conditions are right and enough bullish speculators return, we could see a test of $1938.60 over the near-term.

At 10:17 GMT, August Comex gold futures are trading $1833.60, up $11.20 or +0.61%. On Thursday, the SPDR Gold Shares ETF (GLD) settled at $169.40, up $0.07 or +0.04%.

The Case for Higher Prices

What would be the right conditions to fuel a rally? Number one on my list is a plunge in equity markets so strong that safe-haven buying of U.S. bonds drives yields sharply lower.

A drop in yields would lower the opportunity cost of holding gold. This could encourage some weak short-sellers to cover their positions. Initially, this could trigger a surge into $1890.00 – $1900.80. But overtaking $1900.80 could create enough upside momentum to trigger further short-covering into $1917.60, followed by $1938.60.

The tricky part about playing gold for an upside breakout is navigating a stronger U.S. Dollar. If a stock market sell-off encourages flight-to-safety concerns then look for money to flow into the traditional safe-havens:  Treasury Bonds, the U.S. Dollar and the Japanese Yen.

As alluded to earlier, money will flow into gold if Treasury yields drop significantly. But a stronger U.S. Dollar will likely limit gains. That’s why we’re only looking for gold prices to surge into $1890.00 – $1900.80, or at best $1938.60. If it move beyond these potential resistance levels then good for you if you’re long gold.

Gold could also receive some support from stock sellers who choose to park their money in bullion. But the traditional safe-havens usually attract more inflows because they are more liquid.

Daily August Comex Gold

Daily Forecast

August Comex gold is currently poised to breakout out over $1854.80. This could trigger an acceleration into $1890.00 to $1900.80.

The catalyst behind the anticipated breakout will be a drop in the benchmark 10-year U.S. Treasury yield.

The first key yield level to watch is 2.84%. Taking out this level will be the first sign of weakness. The second yield level to watch is 2.77%. This could be the trigger point for an acceleration to the upside in gold.

Gold prices could spike even higher if the 10-year yield breaks through 2.70%.

For a look at all of today’s economic events, check out our economic calendar.

E-mini S&P 500 Index (ES) Futures Technical Analysis – Reaction to 3975.00 – 3946.50 Sets Near-Term Tone

June E-mini S&P 500 Index futures are down sharply shortly before the mid-session on Wednesday as the three-day rally fizzled under the weight of a poor performance in shares of Target.

Target Corp stock fell 25.1% to the bottom of the S&P 500 after its first-quarter profit halved and the company warned of a bigger margin hit on rising fuel and freight costs.

At 14:58 GMT, June E-mini S&P 500 Index futures are trading 4009.50, down 75.25 or -1.84%. The S&P 500 Trust ETF (SPY) is at $400.68, down $7.64 or -1.87%.

Other retail growth stocks followed Target’s lead but not the same magnitude of its decline. Shares of other retailers such as Walmart Inc, Gap Inc, Kohl’s Corp, Nordstrom Inc, Costco, Best Buy, Macy’s Inc and Dollar General Corp dropped between 4.1% and 11.8%.

All of the 11 major S&P sectors declined in the morning trade, with consumer staples and consumer discretionary sectors down 3.5% each.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 3855.00 will signal a resumption of the downtrend. A move through 4303.00 will change the main trend to up.

The short-term range is 4303.00 to 3855.00. Its retracement zone at 4079.00 to 4132.00 stopped the rally earlier today at 4095.00.

The minor range is 3855.00 to 4095.00. Its retracement zone at 3975.00 to 3946.75 is the next downside target.

Daily Swing Chart Technical Forecast

Trader reaction to 4090.50 will determine the direction of the June E-mini S&P 500 Index into the close on Wednesday.

Bearish Scenario

A sustained move under 4090.50 will indicate the presence of sellers. If this creates enough downside momentum then look for the selling to possibly continue into 3975.00 to 3948.75.

Aggressive counter-trend buyers could come in on the first test of this area. They are going to try to produce a potentially bullish secondary higher bottom. If 3946.50 fails to hold then look for the selling to possibly extend into 3855.00, followed by 3844.50.

Bullish Scenario

A sustained move over 4090.50 will signal the presence of buyers. Overtaking the intraday high at 4095.00 will indicate the buying is getting stronger. This could create the momentum needed to overtake the short-term Fibonacci level at 4132.00.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Trading on Weakside of Major Fibonacci Level at $1844.00

Gold futures are trading lower on Wednesday, pressured by firm U.S. Treasury yields and a stronger U.S. Dollar. After a promising start to the week on Monday the market appears to be poised to resume its short-term and long-term downtrends.

Fundamentally, gold is being underpinned by worries about inflation. However, the fear of higher interest rates is working to keep the major buyers on the sidelines.

At 12:07 GMT, August Comex gold is trading $1815.40, down $10.00 or -0.55%. On Tuesday, the SPDR Gold Shares ETF (GLD) settled at $169.38, down $1.02 or -0.60%.

US Dollar Bounces Back

The U.S. Dollar is rebounding on Wednesday, a day after its biggest daily loss in more than two months, as U.S. Federal Reserve chief Jerome Powell struck a more hawkish tone as the central bank battles to rein in surging inflation.

Powell pledged that the U.S. central bank would ratchet up interest rates as high as needed, including taking rates above neutral, to kill a surge in inflation that he threatened the foundation of the economy, Reuters reported.

Investors Bailing Out of Popular ETF

In other news, investor flows into SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, continued to decline, reflecting a bearish sentiment in the market.

Fed’s Commitment to Higher Rates Puts Traders in “Sell the Rally” Mode

Gold is losing its appeal as an investment because investors can get a much higher yield in Treasurys. With the Fed’s commitment to control inflation through tighter monetary policies, the benchmark 10-year Treasury note is hovering about 3%. Another surge through this level could trigger a new leg down in gold prices.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum may be getting ready to shift higher with the formation of the closing price reversal bottom on May 16.

A trade through $1792.00 will negate the closing price reversal bottom and signal a resumption of the downtrend. A move through $1917.60 will change the main trend to up.

The minor trend is also down. A trade through $1840.90 will change the minor trend to up. This will confirm the shift in momentum.

The minor range is $1792.00 to $1840.90. Gold is currently trading on the weak side of its pivot at $1816.50, making it resistance.

The main resistance is the long-term retracement zone at $1844.00 to $1890.00.

Daily Swing Chart Technical Forecast

Trader reaction to the pivot at $1816.50 is likely to control the direction of the August Comex gold futures contract on Wednesday.

Bearish Scenario

A sustained move under $1816.50 will indicate the presence of sellers. If this move attract more seller then look for a drive into the minor bottom at $1792.00, followed by the January 28 main bottom at $1787.80. The latter is the trigger point for an acceleration into the January 7 bottom at $1764.10.

Bullish Scenario

A sustained move over $1816.50 will signal the presence of buyers. If this generates enough upside momentum then look for a surge into the minor top at $1840.90, followed closely by the Fibonacci level at $1844.00.

The short-covering rally will get stronger if buyers can take out $1844.00 with conviction.

For a look at all of today’s economic events, check out our economic calendar.

Gold, Stocks, Bonds, Crypto And More

GLD (Gold ETF)

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From its high of 193 in early January to its recent low of 168, GLD has declined thirteen percent.

SPX (S&P 500 Index)

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From its high in late December at 4818, to its recent low of 3858, the S&P 500 Index has declined twenty percent.

TLT (Long Term US Treasury Bond Index)

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From its high point in early December at 155 to its recent low at 112, this ETF of long-term US Treasuries has declined twenty-seven percent.

BITCOIN FUTURES CME

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From its high point of just under 70,000 (69,355) in November past, the price of the most-watched cryptocurrency has declined a whopping sixty-three percent to its recent low at 25,350.

ALL-ASSET CRASH?

Before trying to answer that, there is another question to ask first that will help clarify the situation: Has any asset class or investment been going up lately? None that I am aware of – except energy and food.

Also, being short something is not an investment in a particular asset or asset class as much as it is a speculation on dropping prices. So we can rule out inverse ETFs, put options, and selling short.

We can also rule out real estate which seems to be treading water at best, with the possibility of going under as rates keep rising.

What about silver? I thought you’d never ask. Here is a similar chart to those above; this one is for SLV…

SLV (Silver ETF)

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From its 52-week high last June at 26.43 to its recent low at 19.01, SLV has declined twenty-eight percent.

Has anything gone up or at least not dropped recently? Well, yes; commodities in general. This includes primarily foodstuffs and energy which we have already mentioned, and some industrial commodities.

CRB INDEX

Since the beginning of the current calendar year the CRB Index has increased more than thirty percent. That is in direct contrast to nearly everything else we have mentioned thus far.

The index consists of 19 commodities: Aluminum, Cocoa, Coffee, Copper, Corn, Cotton, Crude Oil, Gold, Heating Oil, Lean Hogs, Live Cattle, Natural Gas, Nickel, Orange Juice, RBOB Gasoline, Silver, Soybeans, Sugar and Wheat. (source)

DIFFERENCES AND DISTINCTIONS

When we talk about the financial markets, we are referring to stocks (equities) and bonds (debts). We are also talking about derivatives based on those underlying items, such as ETFs, options, swaps, and spreads.

The financial markets are separate and distinct from the commodities markets. The fundamentals for both markets are different, yet, there are factors which can affect both markets.

The currency markets are also separate and distinct from the commodity and financial markets, although, what goes on in the currency markets can have significant impact on the financial (stock and bond) markets and, to a lesser extent, the commodities markets.

As in the financial markets, there are also derivatives in the commodities markets (options and futures) and currency markets (usually involving currency exchange rates).

FINANCIAL ASSETS ARE OVERPRICED

In the case of prices for stocks, bonds and other financial assets, the recent high prices discounted years of profitability.

Even allowing for a highly generous application of price-to-earnings ratios,  prices far exceeded the most favorable expectations for future growth.

The problem is much worse, though, than simple overvaluation of assets. The US and world economies are debt-dependent. The excessive valuations in financial asset prices are the result of an abundance of cheap credit.

Most economic activity is funded primarily by cheap credit; whether it be mortgages, business activity and corporate expansion, or retail consumption. Without access to unlimited amounts of credit the world economy would come to a standstill. The situation is precarious.

A FRAGILE ECONOMY AND A LOOMING DEPRESSION

Some are quick to assume that the Fed will take whatever steps are necessary to arrest the hellish descent. Of course, they will try. But they likely won’t be successful.

We have advanced too far down the path of money substitutes and cheap credit.

Also remember that the Fed is reacting to the effects of inflation and cheap credit which it (the Fed) created. (see Fed Action Accelerates Boom-Bust Cycle)

Whatever the Fed’s intentions are (or were), they caused the Great Depression of the 1930s and the Great Recession of 2008-2010.

The Next Great Depression will be worse and last longer. (Yes, I have said that before.)

Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED!

Gold Price Futures (GC) Technical Analysis – Yields Rise on Strong Retail Sales Data, Pressuring Gold Prices

Gold futures are edging higher on Tuesday, helped by a weaker U.S. Dollar, but capped by rising Treasury yields. Well, how can that be? The best explanation is safe-haven buyers drove the dollar beyond its fair value area, meaning it’s overbought and has to come down.

Essentially, the dollar is currently being driven lower by safe-haven liquidation. But Treasury yields are being driven higher by the strong U.S. retail sales report.

At 13:18 GMT, June Comex gold futures are trading $1825.30, up $11.30 or +0.62%. The SPDR Gold Shares ETF (GLD) is at $170.34, up $1.55 or +0.92%.

Just last week, investors were seeking protection in the safe-haven Treasury bonds and the U.S. Dollar in anticipation of a slowdown in the economy caused by the Fed’s aggressive interest rates. Today’s retail sales report shows that the U.S. consumer is still buying despite inflation hovering near a 40-year high.

This supports the Fed’s plans to hike rates by 50 basis points in June and July. That’s bearish for gold. The rate hikes have already been priced into the dollar so now safe-haven longs are bailing on the dollar because the retail sales report is a sign of strength for the economy. That’s helping to underpin gold.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher following the confirmation of Monday’s closing price reversal bottom.

A trade through $1910.70 will change the main trend to up. A move through $1785.00 will negate the closing price reversal bottom and signal a resumption of the downtrend.

The minor range is $1910.70 to $1785.00. Its 50% level at $1847.90 is the next upside target and potential resistance.

Daily Swing Chart Technical Forecast

The direction of the June Comex gold futures contract into the close on Tuesday will be determined by trader reaction to $1822.90.

Bullish Scenario

A sustained move over $1822.90 will indicate the presence of buyers. If this move is able to generate enough upside momentum then look for a surge into the pivot at $1847.90.

Bearish Scenario

A sustained move under $1822.90 will signal the presence of sellers. The first downside target is a minor pivot at $1809.90.

Aggressive counter-trend buyers could come in on the first test of $1809.90. They will be trying to form a potentially bullish secondary higher bottom. Taking out this level, however, could trigger an acceleration into the support cluster at $1785.00 – $1783.80.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Confirmation of Reversal Bottom Will Shift Momentum to Upside

Gold futures are surging late in the session on Monday after a sudden drop in U.S. Treasury yields sent the U.S. Dollar to its low of the session. Earlier in the session, the market fell to a more than three-and-a-half month low.

At 19:22 GMT, June Comex gold futures are trading $1823.40, up $15.20 or +0.84%. The SPDR Gold Shares ETF (GLD) is at $170.13, up $1.34 or +0.79%.

10-Year Treasury Yield Falls to Start the Week

The yield on the U.S. 10-year Treasury note fell on Monday to start the new trading week as investors looked ahead to fresh economic data and monitored any clues on the path of monetary policy.

The yield on the benchmark 10-year Treasury note fell 6 basis points to 2.877%. The yield on the 30-year Treasury bond declined 1 basis point to 3.086%.

The drop in Treasury yields reduced the opportunity cost of holding non-yielding gold futures, triggering a short-covering rally. It also caused the U.S. Dollar to weaken, making dollar-denominated gold a more attractive asset to holders of foreign currencies.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, Monday’s intraday chart pattern suggests momentum is shifting to the upside.

A trade through $1785.00 will signal a resumption of the downtrend, while a move through $1910.70 changes the main trend to up.

The minor trend is also down. A trade through $1858.80 will change the minor trend to up. This will shift momentum to the upside.

The minor range is $1910.70 to $1785.00. Its 50% level or pivot at $1847.90 is the nearest upside target.

The main resistance is a pair of retracement levels at $1897.70 and $1908.10.

Daily Swing Chart Technical Forecast

Trader reaction to $1808.20 is likely to determine the direction of the June Comex gold market into the close on Monday.

Bullish Scenario

A sustained move over $1808.20 will indicate the presence of buyers. If this continues to generate enough upside momentum then look for the move to extend into the minor pivot at $1847.90.

Bearish Scenario

A sustained move under $1808.20 will signal the return of sellers. If this creates enough downside momentum then look for a retest of the intraday low at $1785.00, followed by the January 28 bottom at $1783.80.

Side Notes

Following the prolonged move down in terms of price and time, a close over $1808.20 will form a potentially bullish closing price reversal bottom. If confirmed, this could trigger the start of a minimum 2-day counter-trend rally.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Rebounding after Counter-Trend Buyers Defended $1783.80 Bottom

Gold futures are down on Monday but off overnight session lows as firm Treasury yields and U.S. Dollar weighed on demand for bullion. The market bounced after nearing a 3-1/2 month low early in the session. The catalyst behind the move may have been a drop in demand for riskier assets after China released gloomy economic reports.

Higher Treasury yields tend to raise the opportunity cost of holding non-yielding bullion, while a stronger greenback tends to weigh on foreign demand for the dollar-denominated metal. However, signs of an economic slowdown tend to be supportive for gold because they could encourage central banks from raising interest rates too aggressively.

At 12:11 GMT, June Comex gold is trading $1799.50, down $8.70 or -0.48%. On Friday, the SPDR Gold Shares ETF (GLD) settled at $168.81, down $1.36 or -0.80%.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through the January 28 bottom at $1783.80 will reaffirm the downtrend. A move through $1910.70 will change the main trend to up.

The minor trend is also down. A trade through $1858.80 will change the minor trend to up. This will also shift momentum to the upside.

The minor range is $1910.70 to $1785.00. Its 50% level or pivot is the nearest resistance at $1847.90.

The key resistance is formed by a short-term Fibonacci level at $1897.70 and a long-term 50% level at $1908.10.

Daily Swing Chart Technical Forecast

Trader reaction to $1808.20 is likely to determine the direction of the June Comex gold market on Monday.

Bearish Scenario

A sustained move under $1808.20 will signal the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into the main bottom at $1783.80.

Taking out $1783.80 will reaffirm the downtrend and could trigger a further break into the December 15, 2021 main bottom at $1757.60, followed by the September 29, 2021 main bottom at $1726.40.

Bullish Scenario

A sustained move over $1808.20 will indicate the presence of buyers. The first upside target is a minor pivot at $1821.90. Overcoming this level will indicate the buying is getting stronger with $1847.90 the next likely upside target, followed by the minor top at $1858.80.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Pressured by Fed’s Hawkish Rate Hike Expectations

Gold futures fell on Friday while posting its fourth straight weekly loss. The dollar-denominated asset finished lower despite a drop in the U.S. Dollar against a basket of major currencies. However, higher U.S. interest rates weighed on the precious metal as they raised the opportunity cost of holding a non-yielding asset.

On Friday, June Comex gold settled at $1808.20, down $16.40 or -0.90%. The SPDR Gold Shares ETF (GLD) closed at $168.81, down $1.36 or -0.80%.

“Gold is being weighed down as the Fed has been committed to raise interest rates at a fast pace and in addition, the dollar has been extremely strong,” said David Meger, director of metals trading at High Ridge Futures.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1797.20 will signal a resumption of the downtrend. A move through $1910.70 will change the main trend to up.

The minor trend is also down. A trade through $1858.80 will change the minor trend to up. This will shift momentum to the upside.

The minor range is $1910.70 to $1797.20. Its pivot at $1854.00 is the nearest resistance.

The key resistance is a short-term Fibonacci level at $1897.70, followed by a price cluster at $1908.10 – $1910.70.

Daily Swing Chart Technical Forecast

The direction of the June Comex gold futures contract early Monday is likely to be determined by trader reaction to $1812.40.

Bearish Scenario

A sustained move under $1812.40 will indicate the presence of sellers. If this create enough downside momentum then look for a retest of $1797.20, followed by a pair of bottoms at $1791.60 and $1783.80.

Bullish Scenario

A sustained move over $1812.40 will signal the presence of buyers. If this generates enough upside momentum, we could see a short-term rally into the pivot at $1824.40, followed closely by the minor top at $1858.80.

The latter is a potential trigger point for an acceleration into 1897.70 to $1910.70.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Mixed Treasurys, Dollar Could Fuel Two-Sided Trade

Gold futures are trading slightly lower on Friday after testing its lowest level since February 4 earlier in the session. The market has clawed back most of its overnight loss with the help of a weaker U.S. Dollar, but firming U.S. Treasury yields are putting a lid on its gains. At its current price, gold is in a position to post its fourth straight weekly decline.

At 09:36 GMT, June Comex gold futures are trading $1822.20, down $2.40 or -0.13%. This is up from an intraday low of $1809.10. On Thursday, the SPDR Gold Shares ETF (GLD) settled at $170.14, down $2.68 or -1.55%.

Treasury Yield Bounce, US Dollar Dip

U.S. Treasury prices slipped on Friday, seeing yields jump, as investors sold out of government bonds and looked to move back into stock market. That’s just a fancy way of saying stock market investors are looking for a positive change in sentiment, which will dampen the need for the safe-haven U.S. Treasurys. Higher yields, however, tend to make non-yielding gold a less-desirable investment.

The strength in U.S. stock index futures overnight may be an early sign that risk is on, which is encouraging traders who bought the greenback earlier in the week for protection to liquidate those positions.

If gold traders decide to react to higher yields then gains are likely to be limited and the market may fall further. If gold traders decide to react to the weaker U.S. Dollar then we could see an intraday short-covering rally.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through the intraday low at $1809.10 will signal a resumption of the downtrend. A move through $1910.70 will change the main trend to up.

The minor range is also down. A trade through $1858.80 will change the minor trend to up. This will shift momentum to the upside.

The minor range is $1910.70 to $1809.10. Its pivot at $1859.90 is the nearest resistance.

The main resistance is a short-term Fibonacci level at $1897.70, followed by a long-term 50% level at $1908.10.

Daily Swing Chart Technical Forecast

The direction of the June Comex gold market on Friday is likely to be determined by trader reaction to $1824.60.

Bearish Scenario

A sustained move under $1824.60 will indicate the presence of sellers. Taking out $1809.10 will indicate the selling pressure is getting stronger. This could trigger an acceleration into the February 3 main bottom at $1791.60, followed by the January 28 main bottom at $1783.80.

Bullish Scenario

A sustained move over $1824.60 will signal the presence of buyers. If this move is able to generate enough upside momentum then look for a surge into the resistance cluster at $1858.80 – $1859.90. Overtaking the latter could trigger a near-term acceleration into the resistance cluster at $1897.70 – $1910.70.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Look for Momentum Shift on Trade Through $1858.80

June Comex gold futures are trading lower on Thursday as the U.S. Dollar resumed it uptrend. Earlier in the session, the market inched higher following yesterday’s closing price reversal bottom after Treasury yields dropped for a fourth session.

At 12:16 GMT, June Comex gold futures are trading $1843.20, down $10.50 or -0.57%. On Wednesday, the SPDR Gold Shares ETF (GLD) settled at $172.83, up $1.41 or +0.82%.

Investors Buying Liquid Safe-Haven Assets

When it comes to safety in the financial markets, traders are shunning gold. The asset most retail brokers call a “safe-haven”. Instead, they are flocking to the more liquid U.S. bonds, dollar and Yen.

The dollar rose to fresh two-decade highs on Thursday as concerns that tighter monetary policies to tame surging inflation will hurt the global economy dampened risk sentiment and drove investors into the safe-haven currency.

Data on Wednesday showed U.S. consumer price growth slowed sharply in April, suggesting that inflation had probably peaked, though it was likely to stay hot especially with U.S. gasoline prices hitting their highest levels of the year today.

The greenback benefited as the data confirmed expectations for further aggressive hikes in interest rates by the Federal Reserve and investors fretted that central bank tightening could slow global economic growth.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1830.60 will reaffirm the downtrend. A move through $1910.70 will change the main trend to up.

The minor range is $1910.70 to $1830.60. The market is trading below its pivot at $1870.70, making it resistance.

The major resistance is a short-term Fibonacci level at $1897.70, followed by a long-term 50% level at $1908.10.

Daily Swing Chart Technical Forecast

The direction of the June Comex gold market on Thursday is likely to be determined by trader reaction to $1844.70.

Bearish Scenario

A sustained move under $1844.70 will indicate the presence of sellers. This could trigger a break into yesterday’s low at $1830.60. A failure at this price will likely lead to a test of the February 11 main bottom at $1824.40. This price is a potential trigger point for an acceleration into a support cluster at $1791.60 – $1783.80.

Bullish Scenario

A sustained move over $1844.70 will signal the presence of buyers. If this creates enough upside momentum then look for a surge into the pivot at $1870.70. This is a potential trigger point for an acceleration into $1897.70, followed by a resistance cluster at $1908.10 – $1910.70.

Side Notes

June Comex gold formed a potentially bullish closing price reversal bottom on Wednesday. A trade through the intraday high at $1858.80 will confirm the chart pattern. This could trigger the start of a minimum 2-day correction.

For a look at all of today’s economic events, check out our economic calendar.

Price of Gold Fundamental Daily Forecast – Steady as Chances of 75-Basis Point Rate Hike in June Drop

Gold futures are trading higher for a second session on Thursday, following a mixed reaction to the Wednesday’s U.S. Consumer Price Index (CPI) report for April. The report showed there was just enough inflation to keep the Federal Reserve on course to raise rates aggressively, but not enough to trigger an extreme response from central bank policymakers.

At 04:08 GMT, June Comex gold futures are trading $1853.10, down $0.60 or -0.03%. On Wednesday, the SPDR Gold Shares ETF (GLD) settled at $172.83, up $1.41 or +0.82%.

US Consumer Price Index Details

The U.S. Consumer Price Index (CPI) increased 0.3% last month, the smallest gain since last August as gasoline prices fell 6.1% after soaring 18.3% in March. That stood in sharp contrast to the 1.2% month-to-month surge in the CPI in March, which was the largest advance since September 2005. Economists polled by Reuters had forecast consumer prices gaining 0.2% in April.

In the 12 months through April, the CPI increased 8.3%. While that was the first slowdown in the annual CPI since last August, it marked the seventh straight month of increases in excess of 6%. The CPI shot up 8.5% in March, the largest year-on-year gain since December 1981.

Excluding the volatile food and energy components, the CPI accelerated 0.6% after climbing 0.3% in March. The so-called core CPI rose 6.2% in the 12-months through April. That followed a 6.5% jump in March, which was the largest gain since August 1982.

Treasury Yields Slip

The 10-year U.S. Treasury yield is trading below 3% early Wednesday. The yield on the benchmark 10-year Treasury note rose above 3% following the report before settling down 6 basis points to 2.93%. The 30-year Treasury bond dropped nearly 9 basis points to 3.042%.

The move in yields suggests the CPI report was weaker than bond traders had anticipated, causing short-sellers to aggressively cover their positions, and consequently driving yields lower.

Why is Gold Stronger?

June gold futures are trading higher early Wednesday in reaction to the dip in U.S. Treasury yields.

Prior to the release of the CPI report, the gold market was fully-priced for at least a half percentage point increase to the policy rate at each of the next two Fed decisions, on June 15 and July 27, according to the CME FedWatch Tool. The same indicator was also saying the market was 75% confident the Fed would like rates 75 basis points in June.

If the CPI data had come in stronger then the chances of a 75 basis point hike in June would’ve increased and gold prices would have fallen further.

Instead, the odds of a 75 basis point hike dipped a little, driving Treasury yields lower and encouraging gold shorts to book profits and cover some of their positions.

So essentially, the CPI data suggests inflation may have peaked, but was unlikely to cool quick and derail the Fed’s current monetary policy plans. However, the news likely dampened any chances of an aggressive 75 basis point rate hike.

Gold may stabilize as long as the 75 basis point rate hike is off the table, but gains are likely to remain capped because 50 basis point rate hikes in June and July are highly likely.

Conditions could change quickly, however. The May CPI data comes five days before the June Fed meeting, and another “shocker” CPI report would make a 75-basis point hike a strong possibility.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Early Reversal Bottom Targets $1870.70 Pivot

Gold futures are trading slightly better on Wednesday but gains are being capped by a jump in the 10-year U.S. Treasury yield after the release of key inflation data showed a faster-than-expected rise in prices.

April’s consumer price index (CPI), a key measure of inflation, rose 0.3% month over month and 8.3% year over year. Economists expected the CPI to rise 0.2% from the month prior and 8.1% year over year, according to the Dow Jones consensus estimate. That compares with March’s 8.5% year-over-year pace.

Core CPI, which strips out volatile food and energy prices, saw an even bigger month-over-month jump of 0.6%. Economists surveyed by Dow Jones were expecting a 0.4% rise.

At 13:12 GMT, June Comex gold futures are at $1844.50, up $3.50 or +0.19%. On Tuesday, the SPDR Gold Shares ETF (GLD) settled at $171.33, down $1.55 or -0.90%.

Today’s report was a surprise and suggests that the deceleration of this current inflation cycle is going to be painstakingly slow. While high inflation tends to support gold, now that the Fed has started to raise rates aggressively, the precious metals is likely to struggle to gain upside momentum. This suggests the market is still bearish and in a “sell rallies” mode.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1830.60 will signal a resumption of the downtrend. A move through $1910.70 will change the main trend to up.

The minor range is $1910.70 to $1830.60. Its 50% level at $1870.70 is the first upside target and potential resistance.

The major resistance is a price cluster formed by a short-term Fibonacci level at $1897.70 and a long-term 50% level at $1908.10.

Daily Swing Chart Technical Forecast

The direction of the June Comex gold futures contract on Wednesday is likely to be determined by trader reaction to $1837.20.

Bullish Scenario

A sustained move over $1837.20 will indicate the presence of buyers. If this move generates enough upside momentum then look for a surge into the pivot at $1870.70.

Since the main trend is down, sellers could come in on the first test of $1870.70. Overtaking it, however, could trigger an acceleration into $1897.70, followed by a resistance cluster at $1908.10 to $1910.70.

Bearish Scenario

A sustained move under $1837.20 will signal the presence of sellers. This could lead to a retest of the intraday low at $1830.60. If this level fails then look for the selling to extend into the February 11 bottom at $1824.40. This is a potential trigger point for an acceleration into a potential support cluster at $1791.60 to $1783.80.

For a look at all of today’s economic events, check out our economic calendar.

Price of Gold Fundamental Daily Forecast – Set Up for Short Squeeze if CPI Falls Short of Expectations

Gold futures are edging higher on Wednesday, shortly before the release of the major U.S. consumer inflation report at 12:30 GMT. Earlier in the session, the precious metal hit its lowest level since February 11 as a firm U.S. Dollar kept a lid on prices.

Prices likely reversed to the upside as shorts covered positions ahead of the U.S. monthly inflation data, which might impact the Federal Reserve’s monetary policy stance and demand for bullion.

At 07:54 GMT, June Comex gold futures are trading $1848.60, up $7.60 or +0.41%. On Tuesday, the SPDR Gold Shares ETF settled at $171.33, down $1.55 or -0.90%.

Traders Looking for Signs Inflation is Peaking

Following the increasingly hawkish Federal Reserve’s 50-basis-point rate hike earlier in the month, gold prices have sold off sharply ahead of today’s key U.S. inflation report, which will be closely read for signs that inflation is peaking.

According to Reuters, analysts expect the Consumer Price Index (CPI) to show a sharp pullback in monthly growth, cooling to 0.2% in April from 1.2% in March – the biggest jump in more than 16 years – and an annual increase of 8.1%, 0.4 percentage points lower than the prior 8.5%, which was the hottest reading since December 1981.

Stripping out food and energy prices, so-called “core” CPI is expected to have edged up by 0.4% last month, but cooling to 6.0% from 6.5% on an annual basis.

How Will Gold Traders React to Inflation Drop?

Generally speaking, the consensus among analysts is any sign of a deceleration in consumer inflation would be welcomed by the markets. But what markets are they talking about?

The first place to look is Treasury yields since they set the tone of all markets. A CPI reading showing less than a 0.2% rise could drive Treasury yields lower. This could also drag down the U.S. Dollar.

Since higher yields increase the opportunity cost of holding non-yielding gold and a stronger greenback reduces foreign demand for dollar-denominated gold, a lower-than-expected CPI reading could be supportive for gold prices. How much of a rally it could trigger probably depends on how much the number misses to the downside.

Ahead of the CPI report there is risk to the upside for gold because of the recent liquidation and the large number of shorts in the market. A weaker tone in the CPI report could start a meaningful short-covering rally if the number misses the forecast by enough to fuel a short-squeeze.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Surprisingly Stable Reaction to Yield Drop, Lower Dollar

Gold futures are inching higher early Tuesday, helped by a dip in U.S. Treasury yields and a softer U.S. Dollar.

At 04:52 GMT, June Comex gold futures are trading $1862.60, up $4.00 or +0.22%. On Monday, the SPDR Gold Shares ETF (GLD) settled at $172.92, down $2.50 or -1.43%.

Benchmark 10-year U.S. Treasury yields extended their decline on Tuesday after pulling back from the highest level in 3-1/2 years in the previous session, lifting prices of zero-yield gold for now.

The dip in yields is also encouraging investors to book profits in the U.S. Dollar after its index tested a 20-year high early Monday. The price action suggests the greenback may be due for a correction due to value issues and fear of interventions from several major central banks. A weaker dollar could drive up demand for gold from foreign buyers.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1849.70 will signal a resumption of the downtrend. A move through $1910.70 will change the main trend to up.

The minor range is $1849.70 to $1910.70. The market is currently trading on the weak side of its pivot at $1880.20, making it resistance.

This is followed by a short-term Fibonacci level at $1897.70, followed by a long-term 50% level at $1908.10.

Daily Swing Chart Technical Forecast

The direction of June Comex gold on Tuesday is likely to be determined by trader reaction to $1858.60.

Bullish Scenario

A sustained move over $1858.60 will indicate the presence of buyers. If this move creates enough upside momentum then look for a surge into the minor pivot at $1880.20.

Sellers could come in on the first test of $1880.20, but overcoming this level could generate the momentum needed to challenge $1897.70, followed by the resistance cluster at $1908.10 – $1910.70.

Bearish Scenario

A sustained move under $1858.60 will signal the presence of sellers. This could trigger a break into the main bottom at $1849.70. Taking out this level will reaffirm the downtrend. This could trigger a sharp break into the February 11 main bottom at $1824.40.

For a look at all of today’s economic events, check out our economic calendar.

June Comex Gold: Short-Term Direction Controlled by $1880.20 Minor Pivot

Gold futures are moving lower early Monday as U.S. Treasury yields moved toward their highest levels since 2018 and the U.S. Dollar edged toward a 20-year high.

Demand for gold is being pressured because higher yields increase the opportunity cost of holding non-yielding bullion and a strong greenback reduces foreign interest for the dollar-denominated precious metal.

At 05:22 GMT, June Comex gold futures are trading $1872.30, down $10.50 or -0.56%. On Friday, the SPDR Gold Shares ETF settled at $175.45, up $0.32 or +0.18%.

Today’s price action indicates gold traders are still reacting to Friday’s strong U.S. Non-Farm Payrolls report. The jobs data basically served as another confirmation the Federal Reserve is going to remain on course to deliver a series of aggressive interest rate hikes in June and July.

In confirmation of this news, Reuters is reporting the U.S. futures markets are pricing a 75% chance of a 75 basis point rate hike at the Fed’s next meeting in June and more than 200 bps of tightening by year’s end. This should be enough to put a long-term cap on gold prices.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1849.70 will signal a resumption of the downtrend. A move through $2003.00 will change the main trend to up.

The minor trend is also down. A trade through $1910.70 will change the minor trend to up. This will shift momentum to the upside. A trade through the next minor top at $1921.30 will reaffirm the shift in direction.

The minor range is $1849.70 to $1910.70. The market is currently trading on the weak side of its pivot at $1880.20, making it resistance.

Providing additional resistance is a short-term Fibonacci level at $1897.70 and a long-term 50% level at $1908.10.

Daily Swing Chart Technical Forecast

The direction of the June Comex gold market early Monday is likely to be determined by trader reaction to the pivot at $1880.20.

Bearish Scenario

A sustained move under $1880.20 will indicate the presence of sellers. If this creates enough downside momentum then look for a quick break into the main bottom at $1849.70.

Taking out $1849.70 will reaffirm the downtrend and could trigger an acceleration into the February 11 bottom at $1824.40. This is the last potential support before a support cluster at $1791.60 to $1783.80.

Bullish Scenario

A sustained move over $1880.20 will signal the return of buyers. This could lead to a quick test of $1897.70, followed by a resistance cluster at $1908.10 to $1910.70.

Don’t get too excited about the upside unless there is a close over $1908.10.

For a look at all of today’s economic events, check out our economic calendar.

June Comex Gold Stabilizing but Still Set for Weekly Close

Gold futures are edging higher late in the session on Friday but the move isn’t going to be strong enough for the market to avoid its third consecutive weekly decline. Driving prices lower are worries over the prospects of aggressive rate hikes from the U.S. Federal Reserve.

At 20:00 GMT, June Comex gold futures are trading $1882.90, up $7.20 or +0.38%. In other news, the SPDR Gold Shares ETF (GLD) settled at $175.45, up $0.32 or +0.18%.

Capping bullion’s upside was a surge in benchmark U.S. Treasury yields, with stronger-than-expected U.S. jobs data perceived as building the case for bigger Fed interest rate hikes.

The Labor Department presented stronger-than-expected jobs data with nonfarm payrolls increasing by 428,000 jobs in April, versus expectations of 391,000 job additions, underscoring the economy’s strong fundamentals despite a contraction in gross domestic product in the first quarter.

The unemployment rate remained unchanged at 3.6% in the month, while average hourly earnings increased 0.3% against a forecast of a 0.4% rise. This figure was disappointing because it shows that wage growth is not keeping up with inflation.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1849.70 will signal a resumption of the downtrend. A move through $2003.00 will change the main trend to up.

The minor trend is also down. A trade through $1910.70 will change the minor trend to up. This will also shift momentum to the upside. A trade through the minor top at $1921.30 will reaffirm the change in momentum.

The minor range is $1849.70 to $1910.70. The gold market is currently straddling its pivot at $1880.20.

On the upside, the nearest resistance is a short-term Fibonacci level at $1897.70 and a long-term 50% level at $1908.10.

Short-Term Outlook

The direction of the June Comex gold market into the close on Friday will be determined by trader reaction to $1880.20.

Bullish Scenario

A sustained move over $1880.20 will indicate the presence of strong counter-trend buyers. If this creates enough upside momentum then look for a surge into $1897.70, followed by the resistance cluster at $1908.10 – $1910.70.

Bearish Scenario

A sustained move under $1880.20 will put gold in a weak position into the close. If the move attracts enough late session sellers then look for the decline to possibly extend into the main bottom at $1849.70.

For a look at all of today’s economic events, check out our economic calendar.

Average Hourly Earnings Number Will Set Tone in June Gold

Gold futures are inching higher on Friday amid flat U.S. Treasury yields and a reversal to the downside in the U.S. Dollar after it briefly penetrated a nearly 19 year high. Volume is light, however, ahead of the release of key U.S. employment data later in the day.

At 09:28 GMT, June Comex gold futures are trading $1882.10, up $6.40 or +0.34%. On Thursday, the SPDR Gold Shares ETF (GLD) settled at $175.19, down $0.61 or -0.35%.

Factors Affecting the Trade

Gold is being underpinned by flat 10-year U.S. Treasury yields, following a surge the previous session. Nonetheless, the U.S. benchmark remains near its recent high at 3.07%, ahead of the release of a key payrolls report. The 10-year rate surged as high as 3.1% on Thursday, its highest point since 2018.

The U.S. Dollar is trading lower against a basket of major currencies after trending higher earlier in the session. The move is likely being fueled by position-squaring ahead of the jobs report.

Economic News

On Thursday, a labor productivity report for the first quarter showed worker output had fallen at the fastest pace since 1947, while weekly unemployment insurance claims also came in slightly higher than expected.

April’s nonfarm payrolls report, due out at 12:30 GMT on Friday, is likely to be even more closely watched by investors. Economists surveyed by Dow Jones expect employers added 400,000 jobs to nonfarm payrolls, down slightly from 431,000 in March. The unemployment rate is expected to fall to 3.5% in April, down from 3.6% in March, according to Dow Jones.

Higher wage growth data from this report, in particular, could provide more evidence for the Fed to lean into its aggressive tightening of monetary policy. It could drive gold prices lower.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1849.70 will signal a resumption of the downtrend. The main trend will change to up on a trade through the last main top at $2003.00.

The minor trend is also down. A trade through $1910.70 will change the minor trend to up. Taking out the next minor top at $1921.30 will reaffirm the shift in momentum.

The minor range is $1849.70 to $1910.70. The market is currently straddling its pivot at $1880.20.

The next resistance is a pair of retracement levels at $1897.70 and $1908.10. This is followed by 1932.90.

Daily Swing Chart Technical Forecast

The direction of the June Comex gold futures contract into the close on Friday is likely to be determined by trader reaction to the 50% level at $1880.20.

Bullish Scenario

A sustained move over $1880.20 will indicate the presence of buyers. This could trigger a surge into a series of potential resistance points including a short-term Fib level at $1897.70, a long-term 50% level at $1908.10, a minor top at $1910.70 and another minor top at $1921.30.

Bearish Scenario

A sustained move under $1880.20 will signal the presence of sellers. This could trigger a steep break into the main bottom at $1849.70. If this fails then look for the selling to possibly extend into the February 11 main bottom at $1824.40.

Side Notes

The way of least resistance is down. Any rally is likely to be a labored event.

For a look at all of today’s economic events, check out our economic calendar.

June Comex Gold: Recovering $1880.20 Pivot Will Indicate Presence of Counter-Trend Buyers

Gold futures are inching lower early Friday, putting the market in a position to post its third straight weekly loss. Pressuring the market are rising Treasury yields and a soaring U.S. Dollar.

Trading is expected to be a little on the light side overnight ahead of the U.S. Non-Farm Payrolls report for April, due to be released at 12:30 GMT.

At 03:00 GMT, June Comex gold futures are trading $1875.10, down $0.60 or -0.03%. On Thursday, the SPDR Gold Shares ETF (GLD) settled at $175.19, down $0.61 or -0.35%.

Investors are looking ahead to the April jobs report, set for release Friday morning. Economists surveyed by Dow Jones expect employers added 400,000 jobs to nonfarm payrolls, down slightly from 431,000 in March. The unemployment rate is expected to fall to 3.5% in April, down from 3.6% in March, according to Dow Jones.

Traders don’t expect this report to have much of an impact on gold prices unless it misses to the downside. If that’s the case then gold prices could firm.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum shifted to the upside following Tuesday’s closing price reversal bottom.

A trade through $2003.00 will change the main trend to up. A move through $1849.70 will negate the closing price reversal bottom and signal a resumption of the downtrend.

The minor trend is also down. A trade through the minor tops at $1910.70 and $1921.30 will confirm the shift in momentum.

The minor range is $1849.70 to $1910.70. The market is currently trading on the weak side of its pivot at $1880.20, making it resistance.

The next resistance is a price cluster at $1897.70 to $1908.10, followed by a 50% level at $1932.90.

Daily Swing Chart Technical Forecast

Trader reaction to $1880.20 will likely determine the direction of the June Comex gold market on Friday.

Bearish Scenario

A sustained move under $1880.20 will indicate the presence of sellers. If this creates enough downside momentum then look for a break into the main bottom at $1849.70. Taking out this level could trigger a further break into the February 11 main bottom at $1824.40.

Bullish Scenario

A sustained move over $1880.20 will signal the presence of buyers. This could trigger a surge into $1897.70, followed by a resistance cluster at $1908.10 – $1910.70.

Overtaking $1910.70 will indicate the buying is getting stronger. This could extend the rally into the minor top at $1921.30, followed by a 50% level at $1932.90.

For a look at all of today’s economic events, check out our economic calendar.

Trading on Weakside of $1908.10 Puts June Comex Gold in Bearish Position

Gold futures are trading higher shortly before the close on Thursday, but well off its high, after a surge in U.S. Treasury yields and a sharp rise in the U.S. Dollar, drove down demand for bullion.

The market rose early in the session on the back of less-hawkish comments from Federal Reserve Chair Jerome Powell on Wednesday, but support for gold weakened later in the session as traders cast doubts about whether the Fed can afford not be aggressive with future rate hikes.

At 20:31 GMT, June Comex gold futures are trading $1879.20, up $10.40 or +0.56%. The SPDR Gold Shares ETF (SPY) settled at $175.19, down $0.61 or -0.35%.

Daily June Comex Gold

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1849.70 will signal a resumption of the downtrend. A move through $2003.00 will change the main trend to up.

The minor trend is also down. A trade through $1921.30 will change the minor trend to up. This will also shift momentum to the upside.

The minor range is $1849.70 to $1910.70. The market is testing its pivot at $1880.20 into the close.

On the upside, the resistance is a pair of retracement levels at $1897.70 and $1908.10.

Short-Term Outlook

The level controlling the direction of the June Comex gold market is the long-term 50% level at $1908.10.

As long as the market remains under $1908.10, it will remain in a bearish position. Taking out the recent main bottom at $1849.70 will indicate the selling pressure is getting stronger. This could trigger an acceleration into the January 28, 2022 main bottom at $1783.80.

Overtaking the long-term 50% level at $1908.10 will be an early sign of strength, but the initial rally is likely to be a labored event because of a number of retracement levels at $1932.90, $1958.70, $1965.90 and $1993.30.

Our work suggests that a sustained move over $1993.30 could trigger an acceleration into a pair of major tops at $2082.00 and $2122.70.

For a look at all of today’s economic events, check out our economic calendar.