Comex Gold (GC)
Gold stays in tight range below 1000 psychological level today and upside momentum is diminishing a bit with 4 hours MACD crossed below signal line. Nevertheless, intraday bias remains mildly on the upside with 986.4 minor support intact. Further rise is still expected 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.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
