Posts Tagged ‘gold report’
Gold Daily Technical Outlook
Comex Gold (GC)
Intraday bias in Gold remains neutral for the moment and some more consolidation could be seen. Nevertheless, downside is expected to be contained well above 1011.0 resistance turned support and bring rally resumption. Above 1062.7 will target 100% projection of 931.3 to 1025.8 from 952.5 at 1080 next.
In the bigger picture, the strong break of 1033.9 high confirms that long term up trend in Gold has resumed. Rise from 681 would likely develop into another set of five wave sequence with first wave completed at 1007.7, second wave triangle consolidation completed at 931.3. Rise from 931.3 is expected to extend to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 first and then 100% projection at 1258 next. On the downside, though, break of 984.4 support will dampen this bullish view and will turn focus back to 931.3 support instead.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Gold Daily Technical Outlook
Comex Gold (GC)
With 4 hours MACD crossed below signal line, an intraday top is in place at 1062.7 and some sideway trading might be seen. But downside should be contained above 1011.0 support and bring rally resumption. Current rise from 985.5 is expected to extend to 100% projection of 931.3 to 1025.8 from 952.5 at 1080 next.
In the bigger picture, the strong break of 1033.9 high confirms that long term up trend in Gold has resumed. Current rise from 618 should extend further to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, below 985.5 will indicate that a short term top is formed and bring longer consolidation. But after all, break of 931.3 support is needed to indicate that rise from 681 has completed. Otherwise, medium term outlook will remain bullish.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Gold Daily Technical Outlook
Comex Gold (GC)
Gold rally extends further to as high as 1059.6 today and remains firm. Further rise is still expected, targeting 100% projection of 931.3 to 1025.8 from 952.5 at 1080 next. On the downside, below 1039.8 minor support will turn intraday outlook neutral and bring consolidations. But a break of 985.5 support is needed to indicate that Gold has topped, otherwise, further rally is still expected in case of retreat.
In the bigger picture, the strong break of 1033.9 high confirms that long term up trend in Gold has resumed. Current rise from 618 should extend further to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, below 985.5 will indicate that a short term top is formed and bring longer consolidation. But after all, break of 931.3 support is needed to indicate that rise from 681 has completed. Otherwise, medium term outlook will remain bullish.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Gold Daily Technical Outlook
Comex Gold (GC)
Gold’s rally is still in progress and remains firm after making new record high of 1049.7. At this point, intraday bias remains on the upside and further rise could be seen towards 100% projection of 931.3 to 1025.8 from 952.5 at 1080 next. On the downside, below 1037.5 minor support will turn intraday outlook neutral and bring consolidations first. But a break of 985.5 support is needed to indicate that Gold has topped, otherwise, further rally is still expected in case of retreat.
In the bigger picture, the strong break of 1033.9 high confirms that long term up trend in Gold has resumed. Current rise from 618 should extend further to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, below 985.5 will indicate that a short term top is formed and bring longer consolidation. But after all, break of 931.3 support is needed to indicate that rise from 681 has completed. Otherwise, medium term outlook will remain bullish.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Gold Weekly Technical Outlook
Comex Gold (GC)
Gold continued to engage in choppy sideway trading below 1025.8 last week, without making any progress. Further consolidation could still be seen with risk of another fall. Though, downside is expected to be contained by 61.8% retracement of 931.3 to 1025.8 at 967.4. However, note that 1033.9 is needed to be firmly taken out to confirm upside momentum. Otherwise, we’d expected more sideway trading below 1033.9 in near term.
In the bigger picture, as discussed before, 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. However, a strong break of 931.3 support will invalidate this bullish view and suggest that rise from 681 has completed. This will in turn indicate that such rise is merely part of the consolidation pattern that started at 1033.9. In other words, deeper fall could then be seen towards 681 key support level in such case.
In the long term picture, long term rally from 1999 low of 253 turned into consolidation after completing a five wave sequence to 1033.9 in 2008. Such consolidation from 1033.9 should have completed in form of expanding triangle to 681 already and rise from there is tentatively treated as resumption of the long term up trend. Sustained break of 1033.9 should confirm this case and target 61.8% projection of 253 to 1033.9 from 681 at 1160 and then 100% projection at 1460 level.
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
Gold Daily Technical Outlook
Comex Gold (GC)
With 4 hours MACD crossed below signal line, Gold’s recovery from 985.5 might have completed at 1011.1 already. Intraday bias is flipped back to the downside for 985.5 first. Break will target 61.8% retracement of 931.3 to 1025.8 at 967.4 next. On the upside, above 1011.1 will suggest that rise from 985.5 is still in progress for a retest on 1025.8/1033.9 resistance zone. Nevertheless, note that note that 1033.9 is needed to be firmly taken out to confirm upside momentum. Otherwise, we’d expected more sideway trading below 1033.9 in near term.
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 consolidations 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 in turn 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
Gold Daily Technical Outlook
Comex Gold (GC)
As discussed before, Gold’s retreat from 1025.8 might have completed at 985.5 already. Intraday bias is mildly on the upside for a retest of 1025.8 high. Nevertheless, note that note that 1033.9 is needed to be firmly taken out to confirm upside momentum. Otherwise, we’d expected more sideway trading below 1033.9 in near term. On the downside, below 996.2 minor support will flip intraday bias back to the downside for 61.8% retracement of 931.3 to 1025.8 at 967.4 next.
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 consolidations 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 in turn 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
Gold Daily Technical Outlook
Comex Gold (GC)
Gold’s recovery from 985.5 extends further and break of 1001 minor resistance argues that fall from 1025.8 has completed already. Intraday bias is flipped back to the upside for a retest of this high first. Nevertheless, note that note that 1033.9 is needed to be firmly taken out to confirm upside momentum. Otherwise, we’d expected more sideway trading below 1033.9 in near term.
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 consolidations 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 in turn 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
Gold Daily Technical Outlook
Comex Gold (GC)
With 4 hours MACD crossed above signal line, an intraday low is in place in gold and some more consolidations could be seen. Nevertheless, risk remains on the downside as long as 1001 minor resistance holds. Below 985.5 support will bring fall resumption to 61.8% retracement of 931.3 to 1025.8 at 967.4 But downside is expected to be contained there and bring rebound. On the upside, above 1001 minor resistance will flip intraday bias back to the upside for retesting 1025.8 high. However, note that 1033.9 is needed to be firmly taken out to confirm upside momentum. Otherwise, we’d expected more sideway trading below 1033.9 in near term.
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 consolidations 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 in turn 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
Gold Daily Technical Outlook
Comex Gold (GC)
At this point, intraday bias in gold remains on the downside with 1001 minor resistance intact. Pull back from 1025.8 is still expected to continue to 983.2 support and below. Nevertheless, downside is expected to be contained by 61.8% retracement of 931.3 to 1025.8 at 967.4 and bring rebound. Above 1001 minor resistance will flip intraday bias back to the upside for retesting 1025.8 high. However, note that 1033.9 is needed to be firmly taken out to confirm upside momentum. Otherwise, we’d expected more sideway trading below 1033.9 in near term.
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 consolidations 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 in turn 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
