Comex Gold (GC)
Gold’s rally is still in progress and remains firm after making new record high of 1049.7. At this point, intraday bias remains on the upside and further rise could be seen towards 100% projection of 931.3 to 1025.8 from 952.5 at 1080 next. On the downside, below 1037.5 minor support will turn intraday outlook neutral and bring consolidations first. But a break of 985.5 support is needed to indicate that Gold has topped, otherwise, further rally is still expected in case of retreat.
In the bigger picture, the strong break of 1033.9 high confirms that long term up trend in Gold has resumed. Current rise from 618 should extend further to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, below 985.5 will indicate that a short term top is formed and bring longer consolidation. But after all, break of 931.3 support is needed to indicate that rise from 681 has completed. Otherwise, medium term outlook will remain bullish.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
