Gold's decline is still in progress and reaches as low as 1051.2 so far. Intraday bias remains on the downside and further fall should be seen to 100% projection of 1163 to 1074.4 from 1126.4 at 1037.8 next. On the upside, above 1070 minor resistance will turn intraday bias neutral and bring consolidation. But upside should be limited below 1126.4 resistance and bring fall resumption.
In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is 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 1126.4 resistance 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.
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