Technical Analysis

Gold Futures (GC) Technical Analysis Update

  • Weekly chart bearish candle still a worry for the bulls.
  • Consolidation phase and high volume nodes indicate high buying interest.


Gold Futures have shown remarkable resilience, breaking through a triple-top pattern and scaling above the previous all-time high in recent weeks. The only hurdle facing the bulls is the weekly bearish close from two weeks prior when price broke above the high, as we analyzed here.

Weekly Chart Analysis

The weekly chart illustrates a clear breach of the ATH, with Gold Futures currently trading above the critical resistance turned support level at $2019.7. The Triple Top pattern, which was a powerful resistance that lasted over three years, was finally broken, but profit-taking resulted in a weekly close below the previous high. This is going to be a critical area for bulls to watch, and they need to see a close above that candle to confirm their new bullish trend.

Daily Chart Analysis

On the daily chart, Gold Futures have maintained a position above the significant support level at $1930, indicating sustained buying interest even after the weekly bearish candle. The moving averages are trending upwards, with the current price above both the 50-day and 200-day moving averages, reinforcing the bullish momentum. Geopolitical tensions are also aiding in the buying of safe haven assets such as Gold.

Hourly Chart Analysis

The hourly chart is within a consolidation phase that has a high volume node suggesting a significant level of trading activity.

The highlighted high volume node near the $2050 level suggests this price has acted as a value area where a substantial amount of trading has occurred. This could act as a pivot point; if the price remains above this level, it could indicate continued buying interest.

The ascending trendline since October showcases the underlying bullish trend. This trendline, in conjunction with the volume profile, provides a strong support base that bulls hope holds.

The consolidation zone between approximately $2040 and $2060 has been identified as an area of interest. A sustained break above this region could signal further bullish momentum, whereas failure to hold above could lead to a retest of the trendline support.

The immediate resistance is the recent high of around $2088.3, while support is being provided by the ascending trendline. The price’s interaction with these levels will provide further insight into the short-term direction of the market.

Key Levels to Watch

Immediate support is now established at the breakout level of $2019.7, with $1930 and $1831 as secondary and tertiary supports, respectively. On the upside, the market may target psychological round numbers beyond the current price, such as $2100 and $2200, as potential resistance or profit-taking zone.