Comex Gold (GC)
Gold jumps to new record high of 1435.6 and remains firm. Further rally will remain in favor as long as 1405.2 minor support holds. Sustained trading above 1432.5 resistance will confirm long term up trend resumption and should target 61.8% projection of 1155.6 to 1432.5 from 1309.1 at 1480.2 next. Nevertheless, failure to sustain above 1432.5, followed by break of 1405.2 support will indicate that rise from 1309.1 is finished and bias should then be flipped back to the downside for 55 days EMA (now at 1375.3) and below.
In the bigger picture, also, gold is still staying comfortably inside the long term rising channel and there is no clear sign of reversal yet. Nevertheless, note that Gold would be facing 100% projection of 253 to 1033.9 from 681 at 1462 as well as the above mentioned near term target. Hence, we'll still be cautiously looking for topping signal. Though, break 1309.1 support is needed to be the first signal of medium term topping. Otherwise, outlook will remain bullish.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart