Comex Gold (GC)

Gold's recovery from 1309.1 is possibly still in progress with 1325.4 support intact. Nevertheless, we'd expect upside to be limited by 61.8% retracement of 1424.4 to 1309.1 at 1380.4 and bring fall resumption. Below 1325.4 minor support will flip bias back to the downside for 1309.1 and below. However, sustained trading above 1380.4 fibonacci level will turn focus back to 1424.4 high instead.

In the bigger picture, current development suggests that a medium term top is in place at 1432.5 after gold failed two important projection target, 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 and 100% projection of 253 to 1033.9 from 681 at 1462. Note that whole up trend from 681 (2008 low) might have finished a five wave sequence too. The fall from 1432.5 might now be in progress towards 1044.5/1227.5 support zone. On the upside, decisive break of 1432.5 is needed to confirm up trend resumption. Otherwise, even in case of strong rebound, we'd expect another fall to extend the consolidation/correction from 1432.5.

In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253. 100% projection of 253 to 1033.9 from 681 at 1462 is almost met and a sizeable correction should be around the corner. Though, even in case of deep fall, 55 months EMA (now at 977.1 level) should present strong support to contain downside and bring another up trend.

Comex Gold Continuous Contract 4 Hours Chart


Comex Gold Continuous Daily Chart


Comex Gold Continuous Contract Weekly Chart


Comex Gold Continuous Contract Monthly Chart