Comex Gold (GC)
Gold’s fall from 1025.8 resumed and reached as low as 995.3 so far. At this point, intraday bias remains on the downside and further pull back could be seen to 983.2 support and below. But downside is expected to be contained by 61.8% retracement of 931.3 to 1025.8 at 967.4 and bring rally resumption. Nevertheless, break of 1025.8 is needed to indicate that recent rise has resumed. Otherwise, more consolidation would still be seen first.
In the bigger picture, rise from 681 is tentatively treated as resumption of long term up trend. Sustained break of 1033.9 high will confirm this case and should target 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. While some pull back might be seen in near term before decisive break of 1033.9, downside should be contained well above 931.3 support and bring rally resumption. However, note that a break of 931.3 dampen the bullish view and suggest that rise from 681 has completed. This will indicate indicate that such rise is merely part of the consolidation pattern that started at 1033.9.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
