Comex Gold (GC)

Gold weakens after recovery from 900.40 was limited at 945.50. Outlook remains neutral for the moment. Note that while another fall cannot be ruled out, we'd still expect downside to be contained by mentioned 892 support and bring rally resumption. Above 945.50 will now be taken as a signal that correction from 1007.7 has completed. In such case, stronger rise should be seen to retest this high. Break will confirm up trend resumption for 1033.9 high next.

In the bigger picture, as discussed before, consolidation from 1033.9 has already completed at 681, in form of an expanding triangle pattern. Long term up trend is tentatively treated as resumed at this point and further rise should be seen to retest 1033.9 high. Break will confirm the bullish case and target 161.8% projection of 681 to 892 from 801.5 at 1142.9 next. On the downside, break of 892 support is needed to be the first signal that rise fro 681 has topped out. Otherwise, outlook remains bullish even in case of pull back.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart