Gold recovers further to 1116 so far and is now pressing 4 hours 55 EMA. But still, another fall cannot ruled out with 1119.5 resistance intact. Nevertheless, note that as long as 1088.4 support holds, rise from 1044.5 is still expected to continue. Above 1119.5 minor resistance will flip intraday back to the upside for retesting 1145.8. Break will target 1163 resistance next. However, 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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