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ONG Focus | Technical | Written by Oil N' Gold | Sat May 14 16 12:07 ET

Gold Weekly Technical Outlook

Comex Gold (GC)

Near term outlook in gold remains bullish with 1228.5 support intact. Current rise from 1045.4 is expected to target 61.8% projection of 1045.4 to 1287.8 from 1228.5 at 1378.3 next. We'll look for topping signal around there. Nonetheless, break of 1228.5 will suggest that the current rally ended earlier than we expect and would turn outlook bearish.

In the bigger picture, rebound from 1045.4 medium term bottom is still in progress. But, we're not treating it as a trend reversal yet. Rather, price actions from 1045.4 is seen as developing into a sideway consolidative pattern. Thus, we'd expect strong resistance from 38.2% retracement of 1923.7 to 1045.4 at 1380.9 to limit upside and bring near term reversal.

In the long term picture, current development suggests that gold would consolidate above 1045.4 medium term bottom for a while. Nonetheless, a the fall from 1923.7 is seen as a long term correction. We'd still favor another decline into 681/1033.9 support zone, with 61.8% retracement of 253.2 to 1923.7 at 891.3 inside. Nonetheless, sustain break of 1380.9 fibonacci level will suggest that price action from 1923.7 are developing into a sideway pattern instead.

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

 

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