Gold's break of 1131.5 resistance confirms that whole rise from 1044.5 has resumed. As noted before, this also strongly suggest that whole correction from 1227.5 has completed with three waves down to 1044.5 already. Further rise should now be seen to 1163 resistance for confirmation. Break will target a retest on 1227.5 next. On the downside, below 1115 will turn intraday bias neutral. But further rally would remain in favor as long as 1088.5 support holds.
In the bigger picture, price actions from 1227.5 are treated as correction to rise from 931.3 only. Current development suggests that it's completed with three waves down to 1044.5 already after being supported by 61.8% retracement of 931.3 to 1227.5 at 1044.4. Break of 1163 resistance will further confirm this case and target a new high above 1227.5 to resume the long term up trend.....Comex Gold Continuous Contract 4 Hours Chart.
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