Comex Gold (GC)

Gold's pullback fro 1145.8 continues today and dropped further to as low as 1118.5 so far. Intraday bias is mildly on the downside for the moment and deeper fall might be seen. But still, rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1138 minor resistance will flip intraday bias back to the upside. Further break of 1145.8 will bring rally resumption to 1163 resistance next. Also, note that whole correction from 1227.5 might have completed with three waves down to 1044.5 already. Break of 1163 will confirm this case and bring retest of 1227.5 high.

In the bigger picture, price actions from 1227.5 are treated as correction to rise from 931.3 only and might have completed at 1044.5 already after being supported by 61.8% retracement of 931.3 to 1227.5 at 1044.4. Strong break of 1163 resistance will further affirm this case. On rally resumption, next medium term target will be 100% projection of 931.3 to 1227.5 from 1044.5 at 1340.7. On the downside, break of 1088.5 support will in turn argue that correction from 1227.5 would extend further before completion.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart