Comex Gold (GC)
Gold's break of 950.1 minor support with 4 hours MACD crossed below signal line indicates that an intraday top is already in place at 963.1, ahead of 967.6 resistance. Outlook is turned neutral for the moment and some pull back might be seen. Nevertheless, another rise is still in favor as long as 915.2 support holds. Break of 967.6 will bring retest of 1007.7/1033.9 resistance zone. However, note that a break of 915.2 will indicate that whole rebound from 865 has completed and risk retest of this low.
In the bigger picture, the corrective structure of the fall from 1007.7 so far is consistent with the bullish case. That is, rise from 681 is resumption of long term up trend after triangle consolidation from 1033.9 completed at 681. Retest of 1007.7/1033.9 resistance zone should now be seen. Decisive break there will confirm long term up trend resumption. On the downside, while another fall cannot be ruled out for the moment, we'll hold on to the bullish case as long as 801.5 cluster support (61.8% retracement of 681 to 1007.7 at 805.7 ) remains intact.
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