Gold Daily Technical Outlook

Written by Oil N' Gold
Comex Gold (GC)

Gold retreats again depite edging higher to 957.5 and with 4 hours MACD staying below signal line, an intraday top might be in place. Outlook is turned neutral for the moment and some consolidation could be seen. But downside should be contained by 931.4 support and bring rally reusmption. Above 957.5 will target 992.1 resistance next. However, break of 931.4 support support will indicate that rebound from 904.8 has completed and will flip intraday bias back to the downside for retesting this low.

In the bigger picture, the earlier than expected completion of fall from 992.1 suggests that it's part of the consolidation from 1007.7 or a correction to rise from 865. In either case, there are still some possible scenarios that will bring more consolidation below 1007.7. So we'd stay neutral as long as 1007.7 resistance holds and be prepared for another fall before completing the consolidation. Nevertheless, the case of another deep fall to 865 is not likely now. Anyway, break of 992.1 /1007.7 resistance will indicate that whole rise from 681 has resumed for 1033.9 key resistance next.