Gold Weekly Technical Outlook
Comex Gold (GC)
Gold's strong rebound confirms short term bottoming at 1124.3. Further rise is now expected to 55 day EMA (now at 1205.1) and above. Strong resistance could be seen at 38.2% retracement of 1377.5 to 1124.3 at 1221.0 to limit upside. Nonetheless, sustained break of 1221.0 will target 61.8% retracement at 1280.8 and above.
In the bigger picture, price actions from 1045.4 are seen as developing into a sideway consolidation pattern. Current development suggests that the range could be set as 1045.4/1377.5, just below 38.2% retracement of 1923.7 to 1045.4 at 1380.9. It's currently in a down leg and retest of 1045.4 could be seen. But we don't expect a downside breakout at the first attempt.
In the long term picture, current development suggests that gold would consolidate above 1045.4 medium term bottom for a while. 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