As noted before, price actions from 1131.5 are likely merely consolidation to rise from 1044.5 only and should have completed at 1084.8. Intraday bias remains mildly on the upside for 1133.3 resistance and then 1145.8 resistance. Break there will confirm that whole rally from 1044.5 has resumed for 1163 resistance next. On the downside, though, below 1084.8 will revive the case that rebound from 1044.5 is finished and will flip intraday bias back to the downside for retesting this support.
In the bigger picture, price actions from 1227.5 are treated as correction to rise from 931.3 only, no doubt. the lack of impulsive structure of rise from 1044.5 argues it's possibly part of consolidation from 1227.5, rather than resumption of the long term up trend. Above 1145.8 will bring retest of 1227.5 high but upside will likely be limited there and bring at least one more fall before the consolidation concludes. On the downside, below 1084.8 support will shift favors to the case that correction from 1227.5 is developing into a three wave move with another low below 1044.5.....Comex Gold Continuous Contract 4 Hours Chart.
Is Gold Poised to Go Higher or Lower?
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