Comex Gold (GC)

Gold recovers mildly after dropping to as low as 1155.6. With 4 hours MACD crossed above signal line, some sideway trading might be seen first. But recovery should be limited below 1203.9 resistance and bring fall resumption. Below 1155.6 will target 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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