Comex Gold (GC)
An intraday high is likely in place at 962.7 with mild bearish divergence condition in 4 hours MACD and outlook is turned neutral at this moment. Some consolidation could be seen but downside should be contained by 930.7 support and bring another rise. Above 962.7 will indicate rally resumption to retest 992.1 high. However, note that a break of 930.7 will indicate that rebound from 904.8 has completed and will put focus back to 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.
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