Gold is still bounded in tight range above 1081.9 as consolidations continues and intraday bias remains neutral. However, another fall is still expected as long as 1117.8 resistance holds. Current fall from 1163 is expected to continue to resume whole correction form 1227.5 and should target 100% projection of 1227.5 to 1075.2 from 1163 at 1010.7 next. On the upside, above 1117.8 will bring stronger rebound and put 1163 resistance back into focus.
In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.
Just click here for your FREE trend analysis of Gold ETF GLD
Share
No comments:
Post a Comment