Comex Gold (GC)
While some retreat might still be seen, short term outlook in Gold remains bullish with 983.2 support intact. Further rally is still expected to retest 1033.9 high first. Break will then target 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2. On the downside, break of 983.2 will indicate that a short term top is formed, possibly with bearish divergence condition in 4 hours MACD. In such case, deeper pull back could be seen to 931.3/974.3 support zone before resuming up trend.
In the bigger picture, rise from 681, which is tentatively treated as resumption of long term up trend, should have resumed after triangle consolidation from 1007.7 has completed at 931.3. Having said that, current rally from 931.3 should extend beyond 1033.9 high to 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 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
