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Last week buyers took GC above a key reference area. What was once resistance will now act as support.
Overnight, GC found sellers active at stronger resistance zone 1296.4-1297.4. Buyers stepped in and reacted to prices just below the 1290.2-1291.2 zone. Currently GC is trading just above Friday and last week's high.
Caution continues on taking any short setups. We have seen them fail last week, or be limited to the downside. Thinking in terms of probabilities, long setups are still in our favor. However, GC may be short-term exhausted to the upside.
Heading into the open, I will be using 1290.2-1291.2 as initial support, with the overnight low at 1288.6. Below that there is support at 1287-1287.7 which I will use as a short-term micro bull/bear zone. Volatility may increase around this zone. Below the 1287 zone, support can be found at 1284-1285 and stronger support at 1280.1-1281.1. A break and hold below that, there is a launching point at 1277.2 and stronger support at 1274-1275.
Above initial support, is minor resistance at 1293.6-1294.3. Above that is stronger resistance at 1296.4-1297.4 which GC already tested once in the overnight. GC has resistance at 1300.2-1301.2 and stronger resistance at 1304.8-1305.8, and 1306.4-1307.4. GC would be quite extended by then.
Economic News: minor news at 7:30 and 9:00
Can you help answer these questions from other members on NexusFi?
Heading into the open, there is initial support at 1284-1285 along with yesterday's low is at 1283.1. Breaking below yesterday's low, sellers may be active and find stronger support around 1279.8-1280.8, where buyers are expected to to step in. If GC breaks below that, support can be found at 1273.5-1274.5 where GC may be short-term exhausted.
Above initial support is initial resistance at 1289.1-1290.1 which is a stronger zone. Above that there is resistance at 1291.2-1292.2 and minor resistance at 1293.7-1294.4. Stronger resistance can be found at 1296.6-1297.6 and 1300.2-1301.2 where GC could be short-term exhausted.
Yesterday we saw a failed attempt to trade GC lower around 1283. Buyers quickly stepped in at the 1279.8-1280.8 zone which was identified as stronger support and took GC all the way up to the 1294 zone. GC is trading in a 3-4 day sideways range. For these reasons, I today's bias will be neutral.
Overnight we saw most of the gains erased as GC made no attempt to continue higher. GC is currently trading below yesterday's midpoint, but above yesterday's low, testing the 1283 lower balance support.
Heading into the open, I will be watching 1283.3-1284.3 initial support. A break and hold below that, sellers can step in and retest the 1279.8-1280.8 zone. Buyers can still be active at the 1276.5-1277 zone and 1274-1275 stronger support zone, where GC can be short-term exhausted.
Above initial support there is resistance at 1286.7-1287.2. A break and hold above that zone can ignite the buying again. GC has ignored the 1288.6-1289.6 and 1290.6-1291.6 zone in the overnight so if buyers are strong today, GC may retest the 1294-1295 zone and has potential to test 1296.7-1297.7 stronger resistance zone where GC may be exhausted by then. Additional resistance can be found at 1300.2-1301.2 and 1304.8-1305.8.
Yesterday, GC broke below the 1283.3-1284.3 lower balance support. GC found responsive buyers at 1274.7-1275.7, but still failed to get above the lower balance zone.
Overnight, GC balanced in a tight trading range, finding support at 1279.1-1280.1 and resistance at 1283.3-1284.3. GC is currently trading below yesterday's mid and above yesterday's low.
Heading into the open, there is initial support at 1279.1-1280.1, and the overnight low at 1278.3. A break and below initial support, GC can find support at yesterday's low 1274.7-1275.7. If GC breaks that zone, then buyers are expected to defend the 1271.2-1272.2 zone. If that fails, GC has an opportunity to trade through 1267.8-1269.8 and 1263.9-1264.9 and find support at 1257.7-1258.7.
Initial resistance is set at 1283.3-1284.3 and will be used as the micro- bull/bear zone. A break and hold above this, buyers are expected to ignite the process again and continue to take prices higher, finding minor resistance at 1286.2-1287.2. Stronger resistance can be found at 1289.3-1290.3. A break above this zone there is minor resistance at 1293.3-1294.3 and stronger resistance at 1296.7-1297.7, which is the cap of the upper balance area.
Yesterday, GC saw a tug of war between buyers and sellers, resulting in an "inside" day and questioning why sellers didn't step back in at ~1280-1281. Minor adjustments were made to the zones
Overnight, GC balanced in a tight trading range, finding support at 1280.8-1281.3 and resistance at 1284-1285. Buyers stepped in (assuming traders who were short had to "buy back" their positions) and carried GC above yesterday's bull / bear zone
Heading into the open, there is initial support at 1284-1285, breaking below that is 1280.8-1281.5 which will be today's bull bear zone and the overnight low at 1280.0. A break and below the bull /bear zone, GC can probably break support at 1274.7-1275.7. If GC breaks that zone, then I would expect buyers still trying to defend the 1271.2-1272.2 zone. If that fails, GC has an opportunity to trade through 1267.8-1269.8 and 1263.9-1264.9 and find support at 1257.7-1258.7.
Initial resistance is set at 1286.4-1287.4. A break and hold above this, buyers are expected to "attempt" to take prices higher, finding stronger resistance at 1289.3-1290.3. A break above this zone there is minor resistance at 1293.3-1294.3 and stronger resistance at 1296.7-1297.7, which is the cap of the upper balance area and GC would be short-term exhausted by then.
