Comex Gold (GC)
Gold continues to flip flop below 938.1 and short term outlook is rather mixed for the moment. Though, note that price actions from 913.2 are treated as consolidation to the fall from 992.1 only. Hence, while some more choppy sideway trading might be seen, and another rise to above 938.1 cannot be ruled out, upside should be limited by 61.8% retracement of 992.1 to 913.2 at 962 to complete the consolidation and bring fall resumption. On the downside, below 913.2 will indicate that decline from 992.1 has resumed and should target 865 low next.
In the bigger picture, recent development shifts favor back to the case that fall from 992.1 is the third leg of the consolidation from 1007.7, which is not completed. Break of 913.9 fibo support will target a test of 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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