Comex Gold (GC)
Intraday bias in Gold remains neutral for the moment and some more consolidation could be seen. Nevertheless, downside is expected to be contained well above 1011.0 resistance turned support and bring rally resumption. Above 1062.7 will target 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. Rise from 681 would likely develop into another set of five wave sequence with first wave completed at 1007.7, second wave triangle consolidation completed at 931.3. Rise from 931.3 is expected to extend to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 first and then 100% projection at 1258 next. On the downside, though, break of 984.4 support will dampen this bullish view and will turn focus back to 931.3 support instead.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
