Comex Gold (GC)

Gold lost upside momentum again after hitting at high at 1256.6 and retreats. As noted before, in any case, another rise could still be seen as long as 1233.6 minor support holds, towards 1266.5 resistance. On the downside, though, break of 1223.6 support will be the first alert that rebound from 1155.6 is finished and will flip bias back to the downside for 1211.7 support and below.

In the bigger picture, gold is somewhat regaining momentum for the moment and such development dampens our bearish view. Rise from 1155.6 could indeed be resuming the larger up trend. In any case, we'll stay neutral before a break of 1266.5 resistance. Break of 1223.6 support will revive the case that gold has already topped out at 1266.5 and will bring another fall to below 1155.6. However, decisive break of 1266.5 will indicate that medium term rally is still in progress for 1300 psychological level.

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