Comex Gold (GC)
With 4 hours MACD crossed below signal line, an intraday top is in place at 1062.7 and some sideway trading might be seen. But downside should be contained above 1011.0 support and bring rally resumption. Current rise from 985.5 is expected to extend to 100% projection of 931.3 to 1025.8 from 952.5 at 1080 next.
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
