Gold's break of 1119.5 resistance suggests that correction from 1145.8 is already completed at 1097.3. Intraday bias is flipped back to the upside for 1145.8 first. Break will target 1163 resistance next. Also, note that break of 1163 will confirm that correction from 1227.5 has completed with three waves down to 1145 already and retest of 1227.5 should then be seen. However, note that break of 1097.3 will dampen the bullish case and turn focus back to 1044.5 low instead.
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 1097.3 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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