Written by Oil N' Gold | Tue Aug 04 09 07:26 ET
Comex Gold (GC)
With 4 hours MACD crossed below signal line, an intraday top should be in place at 966.9 and intraday outlook in gold is turned neutral for the moment. Some retreat might be seen to 4 hours 55 EMA (now at 948.0). But break of 927.6 support is needed to indicate that rebound from 904.8 has completed. Otherwise, short term outlook will remain bullish. On the upside, above 966.9 will target 100% projection of 904.8 to 962.7 from 927.6 at 985.4 next. But as discussed before, as price actions from 1007.7 might be developing into triangle consolidation, upside of the current rise will possibly be limited between 985.4 and 992.1 and bring at least another fall to conclude the consolidation.
In the bigger picture, as discussed before, fall from 992.1 is either part of triangle consolidation from 1007.7 or a correction to rise from 865. We're slightly preferring the former case. But after all, 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. 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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