Gold's fall fro 1145.8 resumed after brief consolidations and dropped further to as low as 1103.1 so far. At this point, intraday bias remains mildly on the downside and further decline could be seen towards 1088.5 support. However, note that rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1128.23 will flip intraday bias back to the upside for 1145.8 and then 1163 resistance next. Nevertheless, sustained 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.
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