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ONG Focus | Technical | Written by Oil N' Gold | Sun Jun 05 16 09:45 ET

Gold Weekly Technical Outlook

Comex Gold (GC)

Gold drew strong support from 55 weeks EMA and 38.2% retracement of 1045.4 to 1306.0 and rebounded last week. Further rise would likely be seen initially this week but we'd expect upside to be limited by 1306.0 resistance and bring another fall. Below 1199.0 will target 61.8% retracement of 1045.4 to 1306.0 at 1144.9 and below. However, break of 1306.0 will target medium term fibonacci level at 1380.9.

In the bigger picture, price actions from 1045.4 are seen as developing into a sideway consolidation pattern. In case of stronger rise, we'd expect strong resistance from 38.2% retracement of 1923.7 to 1045.4 at 1380.9 to limit upside. Meanwhile, downside attempts should be contained above 1045.4 low.

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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