Written by Oil N' Gold | Thu Aug 13 09 07:14 ET
Comex Gold (GC)
Gold's fall from 974.3 was contained at 943.6 support and recovered strongly. Break of 952.8 minor resistance flips intraday bias back to the upside and further rise might be seen. Note that rebound from 904.8 is treated as part of the triangle consolidation that started at 1007.7. Hence, even though a break above 974.3 cannot be ruled out, upside should be limited below 992.1 and bring another fall. On the downside, below 943.6 will target 904.8 support next.
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. Break of 943.3 support will indicate that the final falling leg in the pattern has started and will target 904.8 support. But downside will likely be contained there 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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