Comex Gold (GC)
Gold's rally extends further to as high as 972.7 so far and at this point, intraday bias remains on the upside as long as 953.0 minor support holds. Current rise from 904.8 is still expected to extend further to 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. On the downside, below 953.0 will turn intraday outlook neutral first. Further break of 927.6 support will indicate that rebound from 904.8 has completed and will bring fall to test this low.
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 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.
No comments:
Post a Comment