Gold Daily Technical Outlook

As noted before, Gold's pull back from 1249.7 has possibly completed at 1166 already. Intraday bias remains mildly on the upside for 1249.7 resistance first. Break will confirm up trend resumption for 1300 psychological level next. However, note that firm break of 1170.7 will argue that whole rise from 1044.5 is completed and will turn outlook bearish for 1124.3 support instead.

In the bigger picture, while the fall from 1249.7 is deep, gold is still holding on to 1170.7 cluster support as well as 55 days EMA (now at 1163). Hence there is no change in the bullish view yet and the long term up trend is still in favor to continue after completing the current pull back. Break of 1249.7 will target 100% projection of 931.3 to 1227.5 from 1044.5 at 1340 next. However, note that sustained trading below 55 EMA will opens up a few bearish possibilities. The least bearish case is that fall from 1249.7 is the third leg of the three wave consolidation from 1227.5 and would target a retest on 1044.5 support next.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart