Comex Gold (GC)

Gold retreats once again but after all it's still staying above 829.80 support. While some sideway trading might still be seen, further rise is still in favor to test 936.3 resistance first. As discussed before, break there will confirm that whole consolidation from 1033.9 has completed at 681 and bring stronger rise to retest this high next. On the downside, though, below 829.80 will be an alert that rebound from 681 has completed, possibly with bearish divergence conditions in 4 hours MACD. Focus will then be shifted back to 741.2 support.

In the bigger picture, as discussed before, consolidation from 1033.9 should have completed at 618, possibly in form of an expanding triangle. Focus is now on 936.3 resistance and break will add much credence to this case and bring retest of 1033.9 high. On the downside, however, below 741.2 will firstly indicate that rebound from 681 has completed. Secondly, it will also argue that mentioned correction from 1033.9 is still in progress and focus will then be shifted back to 681 low.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart

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