Gold Daily Technical Outlook

Comex Gold (GC)

Gold's rally extends further to as high as 1254.8 so far today. 4 hour MACD's break of the falling trend line argue that gold is rebuilding upside momentum. In any case, intraday bias remains on the upside as long as 1233.6 minor support holds and further rise could be seen towards 1266.5 resistance. On the downside, though, break of 1223.6 support will be the first alert that rebound from 1155.6 is finished and will flip bias back to the downside for 1211.7 support and below.

In the bigger picture, as mentioned above, gold is somewhat regaining momentum for the moment and such development dampens our bearish view. Rise from 1155.6 could indeed be resuming the larger up trend. In any case, we'll stay neutral before a break of 1266.5 resistance. Break of 1223.6 support will revive the case that gold has already topped out at 1266.5 and will bring another fall to below 1155.6. However, decisive break of 1266.5 will indicate that medium term rally is still in progress for 1300 psychological level.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart