Gold Futures Commodity Forecast

Gold Futures commodity price up 0.459% on Monday
(Updated on May 20, 2024)

GCUSD Signals & Forecast

The Gold Futures commodity holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $2,385.00 and $2,356.71. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 5.77%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. The commodity had a Golden Star Signal on Monday, September 18, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the commodity in question.

Support, Risk & Stop-loss for Gold Futures commodity

On the downside, the commodity finds support just below today's level from accumulated volume at $2,185.50 and $2,184.70. There is a natural risk involved when a commodity is testing a support level, since if this is broken, the commodity then may fall to the next support level. In this case, Gold Futures finds support just below today's level at $2,185.50. If this is broken, then the next support from accumulated volume will be at $2,184.70 and $2,095.70.

In general the commodity tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the commodity During the last day, the commodity moved $0.500 between high and low, or 0.0206%. For the last week the commodity has had daily average volatility of 0.381%

Our recommended stop-loss: $2,314.48 (-4.79%) (This commodity has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 22 days ago.)

Trading Expectations (GCUSD) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Gold Futures to open at $2,430.73, and during the day (based on 14 day Average True Range), to move between $2,407.94 and $2,453.86, which gives a possible trading interval of +/-$22.96 (+/-0.94%) up or down from last closing price. If Gold Futures takes out the full calculated possible swing range there will be an estimated 1.89% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $2,185.50, some $245.40 (10.10%) from the current price of $2,430.90, our system finds the risk reward attractive.

Is Gold Futures commodity A Buy?

Gold Futures holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Current score: 8.137 Strong Buy Candidate Unchanged

Predicted Opening Price for Gold Futures of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.