Gold rose further to as high as 1145.8 last week but turned sideway since then. Initial bias is neutral this week and some more consolidations could be seen. But after all, rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1145.8 will target 1163 resistance next. Also, note that whole correction from 1227.5 might have completed with three waves down to 1044.5 already. Break of 1163 will confirm this case and bring retest of 1227.5 high.
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.
In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1462 level. We'll hold on to the bullish view as long as 931.3 structural support holds.....Comex Gold Continuous Contract 4 Hours Chart.
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