Written by Oil N' Gold |
Comex Gold (GC)
Gold's sharp rally sent it through 974.3 resistance as well as upper trend line resistance, suggesting recent triangle consolidation might be completed already. At this point, intraday bias remains on the upside for a test of 992.1/1007.7 resistance zone next. On the downside, below 974.8 will turn intraday outlook neutral and bring consolidation. But downside should be contained above e959.2 support and bring rally resumption.
In the bigger picture, the break of the upper trend line resistance suggests that triangle consolidation from 1007.7 might have completed already. Retest of 992.1/1007.7 resistance should be seen and break there will confirm and target 1033.9 high next. On the downside, below 931.3 support will argue that consolidation from 1007.7 is still in progress for another fall to 904.8 and below before completion.
No comments:
Post a Comment