Comex Gold (GC)
Gold’s rally extends further to as high as 1009.4 so far today and break of 1007.7 resistance confirms that rise from 681 has resumed for next target of 1033.9 high. Break there target 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, below 995.9 will turn intraday outlook neutral first and bring retreat. But downside should be contained above 965 support and bring another rally.
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
