Comex Gold (GC)

No change in gold's bullish outlook. It's staying well inside near term rising channel and rally from 1309.1 should still be in progress. Break of 1441 will target 61.8% projection of 1155.6 to 1432.5 from 1309.1 at 1480.2 next. However, note that break of 4 hours 55 EMA (now at 1417.9) will suggest that a short term top is formed on bearish divergence condition in 4 hours MACD and RSI. In such case, deeper pull back would be seen to 38.2% retracement of 1309.1 to 1441 at 1390.6 first.

In the bigger picture, also, gold is still staying comfortably inside the long term rising channel from 681 (2008 low) and there is no clear sign of reversal yet. Instead, weekly MACD is supported by its trend line and gold is possibly regaining upside momentum. In any case, we'll stay bullish as long as 1309.1 support holds and expect the current up trend to target 1500 psychological level next.

Comex Gold Continuous Contract 4 Hours Chart

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Comex Gold Continuous Contract Daily Chart

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