Comex Gold (GC)
Gold edges lower today and at this, intraday bias remains mildly on the downside as long as 952.8 minor resistance holds. Recent developments suggests that rebound from 904.8 has completed at 974.3 already. Further decline is in favor to 927.6 support and then trend line at 920.1. On the upside, above 952.8 will turn intraday outlook neutral and bring recovery. But upside 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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