Written by Oil N' Gold | Mon Aug 10 09 05:58 ET
Comex Gold (GC)
While Gold weakens mildly today, downside is still contained by 953 support and outlook remains neutral for the moment. Another rise is still mildly in favor with 953.0 minor support intact. Above 974.3 will target 100% projection of 904.8 to 962.7 from 927.6 at 985.4 next. But after all, note that 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. Hence we'd look for near term reversal signals there. On the other hand, break of 953.0 will be the first signal that whole rebound from 904.8 has completed already. Intraday bias will be flipped back to the downside in such case for 927.6 support first and break will confirm the bring deeper decline towards 904.8 low.
In the bigger picture, we're still preferring the case that price actions from 1007.7 are developing into consolidations to larger rally from 681, probably in form of triangle. Hence, another fall should be seen before completing such consolidation but downside will likely be contained by 904.8. The case of deep fall to 865 is not likely. In any case, break sustained break of 1007.7 resistance will indicate that whole rally from 681 has resumed and should target 1033.9 key resistance next.
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