Development in Gold is so far consistent with the view that strong support should be seen at 892 level. Break of 945.5 resistance will confirm that corrective fall from 1007.7 has completed already and should then bring stronger rise to retest this high. On the downside, however, note that sustained break of 892 will be the first signal that whole rally from 681 has made a top and will turn short term outlook bearish for deeper fall.
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, sustained break of 892 support will be the first signal that rise from 681 has topped out, at least in short term. In such case, deeper fall will be seen targeting next support zone at 801.50.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart