Comex Gold (GC)
Gold's choppy recovery from 1309.1 resumes today and is heading towards 61.8% retracement of 1424.4 to 1309.1 at 1380.4. At this point, we're still treating rise from 1309.1 as a correction to fall from 1424.4 only and hence, strong resistance is expected at 1380.4 fibonacci level to bring reversal. Below 1354.3 minor support will flip bias back to the downside for 1309.1 and below. However, sustained trading above 1380.4 fibonacci level will turn focus back to 1424.4 high instead.
In the bigger picture, current development suggests that a medium term top is in place at 1432.5 after gold 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. Note that whole up trend from 681 (2008 low) might have finished a five wave sequence too. The fall from 1432.5 might now be in progress towards 1044.5/1227.5 support zone. On the upside, decisive break of 1432.5 is needed to confirm up trend resumption. Otherwise, even in case of strong rebound, we'd expect another fall to extend the consolidation/correction from 1432.5.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart