Comex Gold (GC)
Touching of 944.1 minor resistance indicates that an intraday low is in place in gold and some consolidation could now be seen. But after all, recovery is expected to be limited below 963.1 and bring fall resumption. Below 931.3 will target 927.6 support first and then 904.8 next.
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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