Comex Gold (GC)

Intraday bias in gold remains neutral for the moment. On the downside, break of 1192 minor support will suggest that recovery from 1155.6 has finished and will flip intraday bias for retesting this support level. On the upside, above 1213.3 will bring another rise to 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 fall.

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.