Comex Gold (GC)
Gold's recovery was limited below 4 hours 55 EMA and the break of 1321.9 suggests that fall from 1424.4 has resumed. Intraday bias is back on the downside and further decline should be seen towards 1300 psychological level first. Also, note that sustained trading below 1329 will confirm medium term topping and should pave the way to 1155.6/1266.5 support zone. On the upside, above 1347.5 resistance will argue that a short term bottom is in place and bring stronger rebound back to 1352.7/1392.9 resistance zone.
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
Comex Gold Continuous Daily Chart