Gold Daily Technical Outlook

Written by Oil N' Gold | Wed Jul 29 09 06:37 ET
Comex Gold (GC)

Gold's sharp fall from 962.7 suggests that a short term top is in place. Nevertheless, with 930.7 support intact, another rise is still in favor. Above 962 will bring retest of 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. Anyway, break of 992.1 /1007.7 resistance will indicate that whole rise from 681 has resumed for 1033.9 key resistance next.