Comex Gold (GC)
Gold's rally is still in progress and reaches as high as 1025.8 so far. At this point, intraday bias remains on the upside and further rise should still be seen to test 1033.9 key resistance. Decisive 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, below 1007.6 will argue that a short term top might be formed and deeper pull back could be seen to 983.2 support and below.
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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