Gold Daily Technical Outlook

Comex Gold (GC)

No change in gold's outlook. Even though rebound from 1155.6 could still extend further, upside momentum is clearly diminishing as seen in 4 hours MACD and we'd expect strong resistance ahead of 1266.5 high to conclude the rebound and bring reversal. Break of 1211.7 will flip bias back to the downside for retesting 1155.6.

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