Comex Gold (GC)

Gold's correction from 1007.7 continued last week and extended further to as low as 927. From a short term angle, further decline could still be seen as long as 979.7 resistance holds. But after all, downside is expected to be contained by 892 support and bring rally resumption. Above 979.7 will flip bias back to the upside for retesting 1007.7. Break will confirm up trend resumption for 1033.9 high next.

In the bigger picture, as discussed before, consolidation from 1033.9 has already completed at 681, in form of an expanding triangle pattern. Long term up trend is tentatively treated as resumed at this point and further rise should be seen to retest 1033.9 high. Break will confirm the bullish case and target 161.8% projection of 681 to 892 from 801.5 at 1142.9 next. On the downside, break of 892 support is needed to be the first signal that rise fro 681 has topped out. Otherwise, outlook remains bullish even in case of pull back.

In the long term picture, as mentioned before, Gold's long term up trend from 260 is still in progress. Break of 1033.9 will confirm that such up trend has resumed and should target 61.8% projection of 260 to 1033.9 from 681 at 1159 next.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart

Comex Gold Continuous Contract Weekly Chart

Comex Gold Continuous Contract Monthly Chart