Written by Oil N' Gold | Thu Aug 06 09 06:02 ET
Comex Gold (GC)
Gold retreats again after hitting 972.7 upside momentum continues to diminish with 4 hours MACD crossed below signal line again. Intraday bias is turned neutral again. Above 972.7 will bring another rise but after all note that current rally from 904.8 is treated as one leg of triangle consolidation from 1007.7. Upside should be limited by 100% projection of 904.8 to 962.7 from 927.6 at 985.4 and bring reversal. On the downside, below 953 will flip intraday bias to the downside. 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.
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