Comex Gold (GC)
Gold's rally extends further to as high as 990.2 so far today and at this point, intraday bias remains on the upside for a retest of 1007.7/1033.9 resistance zone. Break there will confirm up trend resumption and target 61.8% projection of 681 to 1007.7 from 865 at 1066.9 next. On the downside, below 977.3 minor support will turn intraday outlook neutral and bring consolidation. But above 945.8 support and bring rally resumption.
In the bigger picture, the break of 967.7 resistance last week confirmed that correction from 1007.7 has completed at 865 already. Rise from there is tentatively treated as resumption of whole rally from 681 as well as resumption of long term up trend. Having said that, we'd look forward to a break of 1007.7/1033.9 resistance zone to resume the long term up trend. In such case, next medium term target will be 61.8% projection of 253 to 1033.9 from 681 at 1160.
Nevertheless, a break below 945.8 support will firstly suggest that rise from 865 has completed. More importantly, it will open up the case that that consolidation from 1007.7 is still in progress for a test of 801.5 cluster support (61.8% retracement of 681 to 1007.7 at 805.7 ) before completion. Hence, the bullish view will be delayed in such case.
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