Gold Weekly Technical Outlook
Comex Gold (GC)
The rebound and break of 1727.5 resistance suggests that a short term bottom is formed at 1672.5 in gold. Initial bias is mildly on the upside this week for recovery. But we might see strong resistance ahead of 1798.1 high and bring another decline. Meanwhile, below 1703 minor support will flip bias back to the downside for 50% retracement of 1526.7 to 1798.1 at 1662.4 and below.
In the bigger picture, price actions from 1923.7 high are viewed as a medium term consolidation pattern. There is no indication that such consolidation is finished, and more range trading could be seen. In any case, downside of any falling leg should be contained by 1478.3/1577.4 support zone and bring rebound. Meanwhile, break of 1792.7/1804.4 resistance zone will argue that the long term up trend is possibly resuming for a new high above 1923.7.
In the long term picture, with 1478.3 support intact, there is no change in the long term bullish outlook in gold. While some more medium term consolidation cannot be ruled out, we'd anticipate an eventual break of 2000 psychological level in the long run
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