Gold edged higher to 1170.7 earlier today but failed to sustain gain and retreated sharply. With 4 hours MACD crossed below signal line, a temporary top should be in place and bias is flipped to the downside for some pull back, possibly to 4 hours 55 EMA (now at 1138.9). Nevertheless rise from 1084.8 is still expected to continue after the retreat and above 1170.7 will target 100% projection of 1044.5 to 1145.8 from 1084.8 at 1184.7 next.
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. Hence upside will likely be limited by 1227.5 high and bring at least one more fall before the consolidation concludes. On the downside, below 1084.8 support will indicate that the third leg of consolidations has started and should then target 1044.5 again.....Comex Gold Continuous Contract 4 Hours Chart.
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