Comex Gold (GC)
As discussed before, Gold's fall from 974.3 should have completed with three waves down to 931.3. The corrective structure suggests that rise from 904.8 is still in progress. Further rise is in favor to retest 974.3 first. On the downside, below 939.1 minor support will flip intraday bias back to the downside for 931.3 support first and then 904.8 support.
In the bigger picture, price actions in gold remains choppily bounded in converging range between 865 and 1007.7. Where there are some possible developments inside such range, there is no change in the preferred view that it's merely consolidation to larger rise from 681, and should be near to completion. On the downside, in case of another fall, strong support should be seen at 904.8 support level and the case of deep fall to 865 is not likely. On the upside, break of 974.3 resistance will serve as the first alert that rise from 681 is resuming and will turn focus to 1007.7 key resistance level for confirmation.
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