Gold's fall from 1162 extended to as low as 1088 so far. As noted before, recovery from 1075.2 has completed at 1163 already. Correction from 1227.5 is likely resuming. Intraday bias remains on the downside for 1075.2 support first and break will confirm this bearish view. On the upside, above 1117.8 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 1163 resistance and bring fall resumption.
In the bigger picture, rise from 681 is expected to develop into a set of five wave sequence with first wave completed at 1007.7, second wave triangle consolidation completed at 931.3. Rise from 931.3 is treated as the third wave and has completed at 1227.5 after missing 100% projection of 681 to 1007.7 from 931.3 at 1258. Correction from 1227.5 is still in progress and is in favor to extend further towards 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However downside will likely be contained there and bring strong rebound. On the upside, a break of 1163 resistance is needed to indicate that fall fro 1227.5 has completed. Otherwise, more downside should be in favor.....Comex Gold Continuous Contract 4 Hours Chart.
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