Comex Gold (GC)

Gold's break of 944.40 minor resistance suggests that retreat from 967.8 has completed and intraday bias is flipped back to the upside. Break of 967.8 will confirm rise from 882.7 has resumed and target 1007.7 next and then 1033.9 resistance. On the downside, while another fall cannot be ruled out for the moment, downside should be contained above 882.7 and bring rally resumption.

In the bigger picture, while the correction from 1007.7 was slightly deeper than expected, the overall outlook doesn't change. That is, consolidation from 1033.9 has already completed at 681, in form of an expanding triangle pattern. Long term up trend is tentatively treated as resumed at this point and further rise should be seen to retest 1033.9 high. Break will confirm the bullish case and target 161.8% projection of 681 to 892 from 801.5 at 1142.9 next. On the downside, however, another fall below 882.7 will open up a few short term bearish scenarios that should at least bring deeper fall to 801.5 cluster support or below before resuming the long term up trend.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart