Comex Gold (GC)

Gold' fall from 1266.5 resumes by taking out 1175.1 and reaches as slow as 1156.9 so far. Short term outlook will now remain bearish as long as 1203.9 resistance holds and we'd expect deeper decline to 1124.3 support next.

In the bigger picture, gold's rally from 1044.5 should have completed at 1266.5. More importantly, whole medium term rise from 681 might have finished with five waves up too, on bearish divergence condition in daily MACD. Sustained trading below 55 days EMA (now at 1199.5) affirms this case. Deeper correction should now be seen to 1044.5 cluster support (38.2% retracement of 681 to 1266.5 at 1042.8) at least.

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