Written by Oil N' Gold | Thu Jun 25 09 07:13 ET
Comex Gold (GC)
Gold's rebound was limited by 944.6 resistance and thus, there is no indication that fall from 992.1 has completed yet. Intraday outlook remains neutral for the moment and some more sideway trading might be seen. Further decline is mildly in favor as long as 944.6 resistance holds. Sustained trading below 61.8% retracement of 865.5 to 992.1 at 913.9 will pave the way for retest of 865.6 low. Though, above above 944.6 will suggest that fall from 922.1 has completed and will bring strong rebound towards 992.1 resistance.
In the bigger picture, recent development argues that rise from 865 has 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 913.9 fibo 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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