Gold draw strong support from 38.2% retracement of 681 to 1007.7 at 882.9 and rebounded strongly. Break of 941.1 resistance indicates that correction from 1007.7 has completed at 882.7. Further rise should now be seen to retest 1007.7 first and then 1033.9 next. On the downside, while some pull back might be seen, downside should be contained above 893.2 low and bring another rise.
In the bigger picture, while the correction is slightly deeper than expected, the over all outlook doesn't change. That is, 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, however, another fall below 882.7 will open up a few short term bearish scenarios that should at least bring deeper for to 801.5 cluster support or below before resuming the long term up trend.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart