Gold dipped to as low as 1108.2 but drew support from the near term rising trend line and recovered. With 4 hours MACD crossed above signal line, retreat from 1145.8 might have completed. Bias is flipped back to the upside for retesting 1145.8 first. Break will bring rally resumption to 1163 resistance next. On the downside, below 1108.2 will delay the bullish case and bring another fall towards 1088.5 support instead. But still rise from 1044.5 is in favor to continue as long as 1088.5 support holds. However, break of 1088.5 will indicate that whole rise from 1044.5 is completed and will turn outlook bearish for another fall towards this low.
In the bigger picture, price actions from 1227.5 are treated as correction to rise from 931.3 only and might have completed at 1044.5 already after being supported by 61.8% retracement of 931.3 to 1227.5 at 1044.4. Strong break of 1163 resistance will further affirm this case. On rally resumption, next medium term target will be 100% projection of 931.3 to 1227.5 from 1044.5 at 1340.7. On the downside, break of 1088.5 support will in turn argue that correction from 1227.5 would extend further before completion.....Comex Gold Continuous Contract 4 Hours Chart.
Double Tops and Pivot Points Explained
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