Written by Oil N' Gold | Tue Aug 18 09 07:01 ET
Comex Gold (GC)
At this moment, intraday bias in gold remains on the downside as long as 944.1 minor resistance holds. Decline from 974.3 is expected to extend further to 927.6 support first and then 904.8. ON the upside, above 944.1 minor resistance will turn intraday outlook neutral and bring consolidation. But recovery should be limited below 963.1 resistance nd bring fall resumption.
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. Break of 943.6 support indicates 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. On the upside, 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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