Comex Gold (GC)

Gold's rally resumes after drawing support from 4 hours 55 EMA and reaches as high as 927.50 so far today. At this point, further rise is still expected as long as 874.20 support holds. Next target will be key near term resistance at 936.3. Decisive break there will confirm the medium term bullish case and bring stronger rise to 1000 psychological resistance again. Though, failure below 936.3 and a break of 874.20 support will be the first alert that Gold has topped out and will turn short term outlook neutral first.

In the bigger picture, we're still holding on the bullish scenario. That is, consolidation from 1033.9 might have completed at 681 already, after completing an expanding triangle pattern. Break of 936.3 resistance will confirm this case and bring retest of 1033.9 high. On the downside, though, below 801.5 support will shift favors back to the case that consolidation from 1033.9 is still in progress and will have another test of 681 low before completion.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart