Comex Gold (GC)
Gold rose sharply to as high as 999.5 last week, just shy of 1000 psychological level, before turning sideway. Initial bias remains on the upside this week as long as 986.4 minor support holds and further rise should be seen to resistance zone of 1007.7/1033.9 next. On the downside, below 986.4 will bring consolidation but pull back is expected to be contained by 965 support and bring rally resumption.
In the bigger picture, gold’s break of 974.3 and 992.1 resistance last week indicates that triangle consolidation from 1007.7 has completed already. Rise from 681 should be resuming and is expected to extend through 1033.9 key resistance to target 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, ,break of 931.3 support is needed to invalidate the above view. Otherwise, outlook will remain bullish.
In the long term picture, medium term consolidation from 1033.9 should have completed as an expanding triangle to 681 already. Rise from there is tentatively treated as resumption of the long term up trend from 253 and will target 61.8% projection of 253 to 1033.9 from 681 at 1160 after taking out 1033.9 high. However, a break below mentioned 865 support will argue that consolidation from 1033.9 is still in progress and will delay the long term bullish case.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Comex Gold Continuous Contract Weekly Chart
Comex Gold Continuous Contract Monthly Chart
