Comex Gold (GC)

Intraday bias in gold remains neutral for the moment and retreat from 1145.8 might continue towards 4 hours 55 EMA (now at 1122.3). Nevertheless, rise from 1044.5 is still expected to continue as long as 1088.5 support holds. As noted before, current development suggests that whole correction from 1227.5 has completed with three waves down to 1044.5 already. Focus is now on 1163 resistance for confirmation and break will bring retest of 1227.5 high next.

In the bigger picture, price actions from 1227.5 are treated as correction to rise from 931.3 only. Current development suggests that it's completed with three waves down to 1044.5 already after being supported by 61.8% retracement of 931.3 to 1227.5 at 1044.4. Break of 1163 resistance will further confirm this case and target a new high above 1227.5 to resume the long term up trend.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart