Stronger than expected recovery from 1088.5 sent gold above 1108.8 minor resistance nd turns intraday bias neutral again. Focus remains on whether choppy recovery from 1044.5 is finished at 1131.5 already. Below 1088.5 will affirm this case and indicate that whole correction from 1227.5 is still in progress for another low below 1044.5 before completion. On the upside, however, break of 1131.5 resistance should now confirm that fall from 1227.5 has completed with three waves down to 1044.5 and should bring retest of this high.
In the bigger picture, outlook remains broadly unchanged. Price actions from 1227.5 are treated as corrections to rise from 931.3 only. Hence, even in case of another fall, downside is expected to be contained by 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level and bring long term up trend resumption. Decisive break of 1163 resistance will indicate that such correction has already completed and the long term up trend is set to resume for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.
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