Comex Gold (GC)
Intraday bias in Gold remains neutral for the moment as consolidation from 1013.7 is still in progress. Nevertheless, with 983.2 support intact, further rally is still expected to test 1033.9. Break there will confirm long term up trend resumption for 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, break of 983.2 will indicate that a short term top is formed, with bearish divergence condition in 4 hours MACD and RSI. In such case, deeper pull back could be seen to 931.3/974.3 support zone before resuming up trend.
In the bigger picture, rise from 681, which is tentatively treated as resumption of long term up trend, should have resumed after triangle consolidation from 1007.7 has completed at 931.3. Having said that, current rally from 931.3 should extend beyond 1033.9 high to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. On the downside, break of 931.3 support is needed to be the first signal that Gold has topped out in medium term. Otherwise, outlook remains bullish even in case of deep pull back.
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