Gold Futures Analysis Today with tradeCompass
Current Price at the time of this analysis: $3,268.2 Market Bias: Bullish
tradeCompass Key Levels for Gold Futures Today
At the time of this analysis, gold futures are trading at $3,268.2, slightly above today's VWAP of $3,264.5, reinforcing the bullish scenario according to tradeCompass methodology. Moreover, gold futures remain bullish above $3,264, which is Friday's Point of Control (POC).
Bullish Threshold and Price Levels to Watch for Gold Futures Today
Gold traders should monitor these levels for bullish continuation:
$3,273.2 – Initial profit target, just below Friday's Value Area High.
$3,283.5 – Second profit target, just below today's 2nd Upper VWAP Standard Deviation.
$3,300.8 – Third bullish target, slightly above the round number $3,300 and just below the April 28th POC.
$3,309.2 – Fourth profit target, just below the April 30th VWAP.
$3,319.5 – Fifth target, just under the April 30th POC.
$3,328.8 – Sixth target, adequately below the April 30th Value Area High (VAH).
Longer-term bullish target: For traders holding positions longer-term, keep an eye on $3,491, the Value Area High of April 22nd, as a significantly bullish potential level.
Bearish Threshold and Price Levels to Watch for Gold Futures Today
The tradeCompass turns bearish if:
A 30-minute candle closes below $3,255 (Friday's VWAP).
Traders seeking stronger confirmation can wait for two consecutive 30-minute candles below this level.
If activated, bearish profit targets include:
$3,247.6 – First bearish target, just above Friday's Value Area Low (VAL).
$3,238.5 – Second bearish target, slightly above May 1st VWAP.
$3,221.5 – Third bearish target, just above May 1st VAL.
Extended bearish runner target: Traders with partial positions left after achieving earlier targets can consider an extended target at $3,178, the April 10th VAH.
Using tradeCompass for Gold Futures Trading
tradeCompass provides strategic orientation for identifying key support and resistance levels in gold futures, assisting traders in managing entries, exits, and profit-taking zones effectively. However, it should not be considered financial advice. Traders are encouraged to integrate these insights into their own trading strategies, adjusting tactics and managing risks accordingly.
Monitoring Market Reactions
Pay close attention to gold futures' price reactions at these key tradeCompass levels, as they can offer critical insights into the market's next move, further refining your analysis and trade decisions.
This gold futures technical analysis is not financial advice, please do your own research. Visit ForexLive.com (evolving to investingLive.com later this year) for additional views.
This article was written by Itai Levitan at www.forexlive.com. Read More Details
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