Gold's rally is still in progress and reaches as high as 1159 so far. Intraday bias remains on the upside and gold should be targeting 1163 resistance next. Break will bring retest of 1227.5 high. On the downside, below 1144.0 minor support will suggest that a temporary top is formed and bring retreat because staging another rally.
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.
Get Started Now....Learn To Trade Gold ETF's
Share
No comments:
Post a Comment