Comex Gold (GC)
Gold’s rally resumes after brief consolidation and reaches as high as 1023.3 so far. Short term outlook will remain bullish as long as 994.5 support holds and further rise should be seen to test key resistance at 1033.9. Decisive break there will confirm long term up trend resumption for 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, break of 994.5 will indicate that a short term top is formed. 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
