Written by Oil N' Gold | Tue Aug 11 09 06:02 ET
Comex Gold (GC)
Gold's break of 953 support serves as the first signal that whole rebound from 904.8 has completed at 974.3 already. Intraday bias is flipped back to the downside for 927.6 support first and break will target lower trend line support in triangle pattern at 919.4 next. On the upside, above 959.5 minor resistance will turn intraday outlook neutral and bring consolidation. But recovery should be limited below 974.3 and bring another decline.
In the bigger picture, we're preferring the case that price actions from 1007.7 are developing into consolidations to larger rally from 681, probably in form of triangle. Another down leg has possibly started at 974.3 and deeper decline could be seen to 904.8 support. But downside will likely be contained and 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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