Comex Gold (GC)
While the retreat from 1441 was deep, gold is still staying above 4 hours 55 EMA and thus, another rise remains in favor. Above 1441 will target 61.8% projection of 1155.6 to 1432.5 from 1309.1 at 1480.2 next. However, below 4 hours 55 EMA will indicate that a short term top is at least formed with bearish divergence condition in 4 hours MACD and RSI. In such case, deeper decline should be seen to 38.2% retracement of 1309.1 to 1441 at 1390.6 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