With 4 hours MACD crossed above signal line, an intraday low is in place and bias is turned neutral. Some consolidations could be seen but still, deeper decline is expected as long as 1108.6 minor resistance holds. As noted before, rebound from 1044.5 is completed after making a head and shoulder top (ls: 1131.5, h: 1145.8, rs: 1133.3). Below 1084.8 will target 1044.5 support next. Nevertheless, break of 1108.5 resistance will dampen this view and suggest that price actions from 1131.5 are merely consolidations. That is, rise from 1044.5 is still in progress for 1163 resistance.
In the bigger picture, price actions from 1227.5 are treated as correction to rise from 931.3 only, no doubt. Current development suggest that such correction is not completed yet and fall from 1145.8 is possibly developing into the third wave of such correction. Another low below 1044.5 could be seen before long term up trend resumption. On the upside, though, decisive break of 1145.8 resistance will revive the case that gold has bottomed out at 1044.5 already and will target a retest of 1227.5 high next.....Comex Gold Continuous Contract 4 Hours Chart .
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