Comex Gold (GC)
A short term top is in place in gold at 1009.7 after hitting 1007.7 resistance. Pull back from there is still in progress and touches 4 hours 55 EMA as expected. Further decline cannot be ruled out but after all, downside is expected to be contained by 970.5 fibo support (50% retracement of 931.3 to 1009.7) and bring rally resumption. Above 998.7 minor resistance will flip intraday bias back to the upside. Break of 1009.7 will target key resistance level at 1033.9 high next and then 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2.
In the bigger picture, as noted before, rise from 681 is tentatively treated as resumption of long term up trend from 99 low of 253 after expanding triangle from 1033.9 has completed last year. Sustained break of 1033.9 will confirm long term up trend resumption and should target 61.8% projection of 253 to 1033.9 from 681 at 1160 next. On the downside, break of 931.3 support is needed to be the first signal that Gold has topped out in medium term. Otherwise, outlook remains bullish even in case of deep pull back.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
