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Gold Future ($GC_F) Rebound Surge Leaves Bullish Range Bias

Posted by on in Commodity Chart Updates
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Gold Future ($GC_F) Rebound Surge Leaves Bullish Range Bias

A plunge lower Friday through key support at 1178 saw a switch to a broader range theme, BUT the strong recovery effort Monday has rejected a more negative theme and leaves threat of a resumption of a bull theme above 1210.

For Today:

We see an upside bias for 1207; break here aims through 1209/10, which we would look to try to cap. Break targets 1216, maybe 1224/25.

But below 1198 opens correction risk down to 1186, which we would look to try to hold.

Short/ Intermediate-term Range Parameters: We see the range defined by 1159 and 1210.

Range Breakout Challenge

Upside: Above 1210 aims higher for 1224/25 and 1244/45.

Downside: Below 1159 sees risk lower for 1142, then 1111 and 1100.


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

2 Hour Gold Future Chart (June contract)


Daily Gold Future Chart (June contract)


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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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