As noted before, Gold might have completed a head and shoulder top (ls: 1131.5, h: 1145.8, rs: 1133.3) and rise from 1145.8 is already finished. intraday bias now remains on the downside for 1088.5 support first and break will bring deeper fall to retest 1044.5 low next. On the upside, above 1108.5 minor resistance will turn intraday bias neutral again and argue that price actions from 1131.5 are merely consolidations. That is, rise from 1044.5 is still in progress for 1163 resistance.
In the bigger picture, price actions from 1227.5 are treated as correction to rise from 931.3 only, no doubt. Current development suggest that such correction is not completed yet and fall from 1145.8 is possibly developing into the third wave of such correction. Another low below 1044.5 could be seen before long term up trend resumption. On the upside, though, decisive break of 1145.8 resistance will revive the case that gold has bottomed out at 1044.5 already and will target a retest of 1227.5 high next.....Comex Gold Continuous Contract 4 Hours Chart.
Dennis Gartman’s 22 Rules of Trading
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