Written by Oil N' Gold | Tue Jun 30 09 06:30 ET
Comex Gold (GC)
Intraday outlook in Gold remains neutral for the moment and some more sideway trading might be seen. But after all, note that prior break of 944.6 resistance argues that fall from 992.1 has completed with bullish convergence conditions in 4 hours MACD. We still cautiously prefer further rise in near term as long as 927.6 minor support holds, towards 61.8% retracement of 992.1 to 913.2 at 962 next. However, a break below 927.6 minor support will in turn suggest that recovery from 913.2 has completed and will flip intraday bias back to the downside.
In the bigger picture, the strong rebound from 61.8% retracement of 865.5 to 992.1 at 913.9 shifts favors back to the case that fall from 992.1 is merely correction to rise from 865. In other words, such rally is still in progress and break of 992.1 will target retest of 1007.7/1033.9 key resistance zone. Sustained break there will confirm lon term up trend resumption. On the downside, note that break of 913.2 will turn favor back to the case that fall from 992.1 is part of the consolidation from 1007.7, which is not completed and should then target 865 level before resuming rise from 681.
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