Written by Oil N' Gold | Thu Aug 20 09 05:49 ET
Comex Gold (GC)
Intraday bias in gold remains neutral for the moment as consolidation from 931.3 is still in progress. While another rise cannot be ruled out, upside 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. However, break of 963.1 will suggest that fall from 974.3 is completed and is possibly a correction in the rise from 904.8 only. In such case, stronger rise should be seen to retest 974.3 high 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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