Comex Gold (GC)
Gold’s fall from 1025.8 extends further today and is back pressing 1000 level. As discussed before, a short term top is in place with bearish divergence conditions in 4 hours MACD and RSI. Further pull back should be seen to 983.2 support and possibly below. But downside is expected to be contained by 61.8% retracement of 931.3 to 1025.8 at 967.4 and bring rally resumption. On the upside, while another rise might be seen, it now looks like 1033.9 key resistance will hold on first attempt and bring consolidations first.
In the bigger picture, rise from 681 is tentatively treated as resumption of long term up trend. Sustained break of 1033.9 high will confirm this case and should target 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. While some pull back might be seen in near term before decisive break of 1033.9, downside should be contained well above 931.3 support and bring rally resumption. However, note that a break of 931.3 dampen the bullish view and suggest that rise from 681 has completed. This will indicate indicate that such rise is merely part of the consolidation pattern that started at 1033.9.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
