Comex Gold (GC)
The sharp rise in gold extended further to as high as 999.5 before retreating mildly. At this point, intraday bias remains on the upside as long as 982 minor support holds and further rise should be seen to 1007.7 resistance first and than 1033.9 high. On the downside, below 982 will turn intraday outlook neutral and bring consolidation. But retreat should be contained above 959.2 support and bring rally resumption.
In the bigger picture, as noted before, the breakout from triangle consolidation indicates that rise from 681 has resumed. As such rise is treated as resumption of long term up trend, 1033.9 high should be taken out in near term to extend the up trend to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, break of 931.3 is needed to invalidate the above view. Otherwise, outlook will remain bullish.
No comments:
Post a Comment