Comex Gold (GC)
At this point, intraday bias in gold remains on the downside with 919.8 minor resistance intact. Whole fall from 922.1 is now expected to extend to 100% projection of 992.1 to 913.2 from 949 at 870.1 next. On the upside, above 919.8 will turn intraday outlook neutral and bring consolidation. But recovery should be limited well below 949 resistance and bring fall resumption.
In the bigger picture, fall from 992.1 is the third leg of the consolidation from 1007.7, which is not completed yet. such decline will likely extend to 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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