Gold Price Futures (GC) Technical Analysis – Trader Reaction to $1788.50 Determines Near-Term Tone

Gold Price Futures (GC) Technical Analysis – Trader Reaction to $1788.50 Determines Near-Term Tone

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.James HyerczykApril 16, 2021, 12:30 PM·2 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Gold futures hit their highest level since February 25 on Friday, putting them in a position to post their best weekly performance since mid-December as a pullback in U.S. Treasury yields pressured the U.S. Dollar, lifting demand for the dollar-denominated commodity.At 18:09 GMT, June Comex gold futures are trading $1779.10, down $12.30 or +0.70%.Gold traders have put their faith in the Federal Reserve's pledge to keep interest rates at historically low levels until the economy makes a full recovery. Even if inflation does jump above 2% and holds there for several weeks or months, the Fed promises it has the tools to keep it from getting out of control.Daily June Comex GoldDaily Swing Chart Technical AnalysisThe main trend is up according to the daily swing chart. A late session trade through the intraday high at $1784.70 will signal a resumption of the uptrend. The main trend will change to down on a move