Gold had another attempt to break through 1126.4 resistance but once again failed to sustain above this level. The outlook remains unclear. Still, from a near term point of view, another rise would be mildly in favor as long as 1099.1 minor support holds. Sustained trading above 1126.4 will indicate that whole corrective fall from 1227.5 high has already completed with three waves down to 1044.5 already. In such case, stronger rally should be seen to 1163 resistance for confirmation. On the downside, though, a break of 1099.1 support will argue that rebound from 1044.5 has completed and correction from 1227.5 is still in progress for another low before conclusion.
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.
Secrets of the 52 Week High Rule
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