Comex Gold (GC)
With 4 hours MACD dragged below signal line, an intraday top is in place and bias is turned neutral for the moment. Also, considering bearish divergence condition in 4 hours MACD and RSI, rise from 931.3 might have made a short term top too. Some pull back could now be seen towards 983.2 support or below. But downside should be contained by 967.4 fibo support (61.8% retracement of 931.3 to 1025.8). On the upside, while another rise might still be seen, it now looks like that 1033.9 key resistance will be on hold on first attempt and bring consolidation first.
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
