Written by Oil N' Gold
Comex Gold (GC)
Intraday outlook remains neutral for the moment but after all, break of 962.4 resistance is needed to indicate that fall from 992.1 has completed. Otherwise, risk remains on the downside. Break of 915.2 cluster support (61.8% retracement of 865.6 to 922.1 at 913.9) will confirm that whole rise from 865 has completed and should then bring retest of this low. On the upside, though, above 962.4 resistance will indicate that fall from 992.1 has completed and will turn short term outlook bullish for 1007.7/1033.9 resistance zone again.
In the bigger picture, recent development argues that rise from 865 has possibly completed at 992.1 already, ahead of 1007.7/1033.9 key resistance zone. Also it suggests that consolidation from 1007.7 is still in progress and break of 915.2 support will bring the third leg down to test 865 support before completing the whole consolidation. Nevertheless, downside is expected to be contained by 801.5 cluster support (61.8% retracement of 681 to 1007.7 at 805.7 ) and bring resumption of rise from 681. On the upside, though, above 992.1 will revive the case that rise from 865 is resumption of up trend rather than part of sideway consolidation. In such case, retest of 1007.7/1033.9 resistance should be seen next.
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