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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jun 11 16 10:35 ET

Gold Weekly Technical Outlook

Comex Gold (GC)

Gold's rebound form 1199.0 continued last week and further rise should still be seen towards 1306.0. Price actions from 1306.0 are expected to develop into a sideway pattern. Thus, strong resistance should be seen there to bring near term reversal. Below 1251.3 support will turn bias to the downside for 1199.0 again, which is close to 38.2% retracement of 1045.4 to 1306.0 at 1206.5.

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