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In the overnight GC gapped lower, breaking the ~1283 support suggesting a pullback may be in place. GC tested larger timeframe support at 1266 and the 1267.3-1268.3 zone. Responsive buyers stepped in and are now defending the 1271-1271.9 zone.
Heading into the open, 1271-1271.9 will be used as initial support. If GC breaks below initial support, then GC may re-test the 1267.3-1268.3 zone or the overnight low of 1266. A break and hold below this zone would bring in strong support at 1261.2-1262.6 where buyers are expected to step in This zone would re-test the breakout from early April.
Above initial support there is minor initial resistance at 1275.1-1276.1 and minor resistance at the 1277.9-1278.9 zone. Stronger resistance can be found at 1280-1281.5 and also 1282.9-1283.9. The gap would be filled at 1285.1-1285.9.
Real-time analysis and caution at each zone will be the focus today
Heading into the open, I will be watching 1270.9-71.9 as initial support, expecting buyers to defend this zone. A break below that is stronger support at 1267.3-68.3 which has been tested yesterday. Larger time-frame support is at 1261.1-1262.6 and 1257.6-1258.9 which would test the break-out area from early April.
Above initial support there is initial resistance at 1276-77 which is a key zone. A break and hold above that GC can test the open gap levels the 1280.2-80.5 zone. GC can find sellers active at 1282.9-1283.9 and 1285.7-1286.1 gap fill.
Real-time analysis and caution at each zone will be the focus today
Overnight GC tested the larger time-frame support (1261.5-1263.1) that we were targeting yesterday. As expected, buyers we active at that zone. GC may have to test this zone in the RTH
Heading into the open, 1261.5-1263.1 will be used as initial support. GC tested this zone already in the overnight session, so it may be worth going long on a second test. A break below initial support is also stronger support at 1257.6-1258.9 and a a high volume area at ~1253.5. Larger time-frame support can also be found at 1247-48. Notice that GC is trading around stronger support. Caution is advised on any shorts today.
Above initial support there is initial resistance at 1267.3-1268.3. Sellers could step in and defend the stronger resistance zone at 1271.1-1272.5. A break and hold above that, there is minor resistance at 1275.5-1276.5 and stronger resistance at 1280.2-1281.2, where GC could be short-term exhausted and marks the gap edge. Larger time-frame support at 1282.9-1283.9 and the gap would be filled at 1285.5-1286.1 zone.
Real-time analysis at each zone may be required to see if buyers will step back in.
Overnight GC tested the larger time-frame support (1261.5-1263.1) that we were targeting yesterday. As expected, buyers we active at that zone. GC may have to test this zone in the RTH
Heading into the open, 1261.5-1263.1 will be used as initial support. GC tested this zone already in the overnight session, so it may be worth going long on a second test. A break below initial support is also stronger support at 1257.6-1258.9 and a a high volume area at ~1253.5. Larger time-frame support can also be found at 1247-48. Notice that GC is trading around stronger support. Caution is advised on any shorts today.
Above initial support there is initial resistance at 1267.3-1268.3. Sellers could step in and defend the stronger resistance zone at 1271.1-1272.5. A break and hold above that, there is minor resistance at 1275.5-1276.5 and stronger resistance at 1280.2-1281.2, where GC could be short-term exhausted and marks the gap edge. Larger time-frame support at 1282.9-1283.9 and the gap would be filled at 1285.5-1286.1 zone.
Real-time analysis at each zone may be required to see if buyers will step back in.
Early yesterday, GC balanced and formed a symmetrical triangle. An attempt to break above initial failed and was quickly rejected and traded back into larger time-frame support. Buyers stepped in and rejected the formation of the triangle, only to continue higher.
Overnight, GC pulled back and traded lower, testing the micro breakout zone (triangle) at 1264.3-1265.4.
Heading into the open, 1264.3-65.4 will be used as initial support. If GC breaks below initial support, it may want to confirm buyers are still active at 1262.9-63.5 and 1260.7-62.1 larger time-frame support. If GC breaks trough those zones with conviction and high volume, a reassessment is needed. There still is stronger support at 1257.6-1258.9 and a a high volume area at ~1253.5. Larger time-frame support can also be found at 1247-48. Notice that GC is trading around stronger support. Caution is still advised on any shorts today.
Above initial support there is initial resistance at 1267.5-1268.5. Sellers reacted to the stronger resistance zone at 1271.1-1272.8 yesterday. I would expect that zone to get retested today. A break and hold above that, there is minor resistance at 1275.5-1276.5 and stronger resistance at 1280.2-1281.2, where GC could be short-term exhausted and marks the gap edge. Larger time-frame support at 1282.9-1283.9 and the gap would be filled at 1285.5-1286.1 zone.
