Comex Gold (GC)

Intraday bias in Gold remains on the upside with 1192minor support intact and further rise should be seen towards 61.8% retracement of 1266.5 to 1155.6 at 1224.1. But strong resistance should be seen above there and below 1266.5 high to bring another all. On the downside, below 1192 minor support will flip intraday bias back to the downside for 1155.6 and below.

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. Below 1155.6 will bring deeper correction to 1044.5 cluster support (38.2% retracement of 681 to 1266.5 at 1042.8) at least. After all, even in case of strong rebound, we'd maintain that risk remains heavily on the downside as long as 1266.5 high holds.

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