Comex Gold (GC)
Gold retreat was contained at 983.2 by 4 hours 55 EMA and rebounded strongly. Break of 998.7 minor resistance flips intraday bias back to the upside. Further break of 1009.7 will confirm rally resumption to 1033.9 high next and then 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2. On the downside, while another fall cannot be ruled out, downside is expected to be contained by 970.5 fibo support (50% retracement of 931.3 to 1009.7) and bring rally resumption.
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