Comex Gold (GC)

Gold's decline resumed after brief recovery and reaches as long as 1329.5 so far. Intraday bias is back on the downside for further decline. As noted before, break of 1329 key support level will the case of medium term reversal and will bring deeper decline to 1155.6/1266.5 support zone next. On the upside, above 1352.4 minor resistance will turn intraday bias neutral first. But another fall will remain in favor as long as 1392.9 resistance holds.

In the bigger picture, the case of medium term reversal is building Gold might have failed two important projection target, 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 and 100% projection of 253 to 1033.9 from 681 at 1462. A medium term top could be in place at 1432.5 on bearish divergence in daily MACD and RSI. Decisive break of 1329 support will confirm this case and also indicate that whole up trend from 681 (2008 low) has completed a five wave sequence. In such case, deeper decline should be seen back to 1044.5/1227.5 support zone at least.

Comex Gold Continuous Contract 4 Hours Chart

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Comex Gold Continuous Contract Daily Chart

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