Comex Gold (GC)
Gold's break of 902.1 resistance suggests that fall from 967.8, as well as correction from 1007.7 has completed earlier than we thought at 865. At this point, further rally should be seen towards 967.8 resistance for confirmation. On the downside, however, below 879.50 will in turn argue that such correction from 1007. is still in progress for 801.50 cluster support before completion.
In the bigger picture, as mentioned before, we believe that medium term consolidation from 1033.9 has completed in form of expanding triangle at 681. Rise from there is tentatively treated as resumption of the long term up trend. Fall from 1007.7 is just correcting rise from 681 and should conclude above 801.5 cluster support (61.8% retracement of 681 to 1007.7 at 805.8 ). Above 967.8 will indicate that such correction has completed and should then bring retest of 1007.7/1033.9 resistance zone.
However, note that sustained break of 801.50 cluster support will dampen the above preferred view. This will suggest that rise from 681 is not resuming the long term up trend but is merely part of the consolidation from 1033.9. In other words, fall from 1007.7 is part of the consolidation too and could then target 681 low before completion.
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