Gold Daily Technical Outlook

Comex Gold (GC)

Gold's break of near term rising trend line as well as the 4 hours 55 EMA suggests that recovery from 1155.6 has completed with three waves up to 1239.5. Intraday bias is flipped back to the downside and further fall should be seen to 1192 support next. Break will confirm this bearish view and target a test on 1155.6. On the upside, above 1239.5 will bring another rise but we'll continue to focus on reversal sign even in such case.

In the bigger picture, while the rebound from 1155.6 is strong, there is no change in our bearish view. That is, rally from 1044.5 should have completed at 1266.5. More importantly, whole medium term rise from 681 should have finished with five waves up too, on bearish divergence condition in daily MACD. Whole fall from 1266.5 is expected to resume sooner or later to 1044.5 cluster support (38.2% retracement of 681 to 1266.5 at 1042.8) at least. After all, we'll stay medium term bearish in gold as long as 1266.5 resistance holds.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart