Gold Futures Analysis for Today

Gold Futures Analysis Today – tradeCompass for GC Gold Futures

Current Market Snapshot for GC:

• Gold Futures (GC) Price: $2,917.8 (+0.13% from Friday’s close)
• Key Thresholds:
  • Bearish Below: $2,919.3 (VWAP, POC, and prior key levels)
  • Bullish Above: $2,925.2 (Friday’s POC)
  • Major Resistance Zone: $2,930 – $2,934.8
  • Key Downside Targets: $2,908.3, $2,896.6, $2,885, $2,833.3

Bearish Bias Below $2,919.3

Gold futures are currently trading in bearish territory according to today’s TradeCompass levels. The price is below critical support levels, including:

• VWAP and POC of today (~$2,920)
• Value Area Low of March 5th ($2,919.8)
• VWAP at the close of March 6th ($2,919.9)
• Value Area Low of March 4th ($2,914.6)
• Value Area Low of Friday ($2,914.8)

With the price holding below these key levels, it strengthens the case for continued downside pressure.

Upside Resistance – Bulls Face a Hard Road

If gold futures rise above $2,925.2, a shift toward a bullish bias could occur, as this level represents Friday’s POC. However, significant resistance exists just ahead:

• $2,930 – $2,932.2 (Value Area Highs of Friday, Thursday, and Wednesday)
• $2,934.8 (Value Area High of Tuesday)

This tight resistance cluster suggests that even if bulls push above $2,925.2, upside potential may be limited. Profit-taking and supply could emerge quickly within this heavy resistance zone.

A clear breakout above $2,935 could open the door to $2,950, but the path is not easy.

Bearish Targets for Gold Futures

Given the bearish structure, traders favoring the short side may consider these downside levels for partial profit-taking:

1. $2,908.3 – 1st Lower Standard Deviation of VWAP (March 4th)
2. $2,896.6 – Below the psychological $2,900 level and near the 2nd Lower Standard Deviation of VWAP (March 4th)
3. $2,885 – 3rd Lower Standard Deviation of VWAP (March 4th)
4. $2,833.3 – A deep target near the Value Area High of February 3rd

A move toward $2,833.3 would represent a major decline of over 80 points, potentially unfolding over the week rather than intraday. This aligns with a potential retest of a lower channel boundary on the daily chart, reinforcing the larger bearish orientation.

Gold Futures (GC) Daily Chart – Technical Snapshot

• Bearish Breakdown: Price has crossed below the red diagonal support, indicating weakness.
• Downside Target: Potential move toward the bottom of the ascending channel.
• Swing short target (this is only an opinion)
  • $2,833.3 (Major target, just above Feb 3 VAH)
• Confirmation Needed: A sustained move below $2,900 strengthens the bearish case.

Overall Bias: Bearish, with a downside move likely if price remains below broken support.

Conclusion – tradeCompass Bias Remains Bearish

• Gold futures are trading in bearish territory and struggling to reclaim key levels.
• Bulls need a breakout above $2,925.2, but even then, resistance at $2,930 – $2,934.8 could stall upside attempts.
• Bears have multiple targets to the downside, with $2,885 and potentially $2,833.3 as deeper objectives.
• Larger technical picture aligns with bearish momentum, supporting a move toward lower support levels.

Trade at your own risk. Stay updated with ForexLive.com for additional insights and trade updates. This is not financial advice. Always conduct your own research before making trading decisions.

This article was written by Itai Levitan at www.forexlive.com.