Comex Gold (GC)
Gold’s rebound was limited at 964.6 and retreated again. With 4 hours MACD crossed below signal line, intraday outlook is turned neutral again. The choppy look of the rise from 931.3 to 964.6 also argues that it’s corrective in nature and thus gives little hint on the overall direction. After all, we’d expect some more consolidation between 931.3 and 974.3 and will stay neutral as long as Gold stays in this range. Though, a break of 931.3 will indicate that another fall is indeed underway for 904.8 support.
In the bigger picture, price actions in gold remains choppily bounded in converging range between 865 and 1007.7. While there are some possible developments inside such range, there is no change in the preferred view that it’s merely consolidation to larger rise from 681, and should be near to completion. On the downside, in case of another fall, strong support should be seen at 904.8 support level and the case of deep fall to 865 is not likely. On the upside, break of 974.3/992.1 resistance zone will be the first alert that rise from 681 is resuming and will turn focus to 1007.7 key resistance level for confirmation.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart