Gold Price Futures (GC) Technical Analysis – Strengthens Over $1557.80, Weakens Under $1550.30

The most important value zone on the chart is $1539.10 to $1520.00. A break into this zone could bring in the buyers.Daily Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down on Tuesday when sellers took out the $1567.90 main bottom. The next downside target is the $1542.80 main bottom. The trend will change to up on a move through $1598.50.

On the downside, the major support zone is $1539.10 to $1520.00.

The intermediate range is $1619.60 to $1542.80. Its retracement zone at $1581.20 to $1590.30 is resistance.

The short-term range is $1542.80 to $1598.50. Its retracement zone at $1564.10 to $1570.70 is additional resistance.