Written by Oil N' Gold | Tue Aug 25 09 07:23 ET
Comex Gold (GC)
Gold's sharp fall from 959.9 and break of 939.1 support argues that rebound from 931.1 has completed. Short term outlook is turned mixed for the moment. On the upside, above 959.9 will affirm the case that rise from 904.8 is resuming for a test on 974.3 first. ON the downside, below 931.3 will indicate that fall from 974.3 is still in progress and has resumed for a test of 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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