With 4 hours MACD crossed below signal line, a temporary top is in place at 1134.3 and bias is turned neutral. Some retreat might be seen in Gold but downside should be contained above 1101.1 support and bring another rise. As noted before, rally from 1044.5 is still in progress and above 1134.3 should bring retest of 1145.8 resistance 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. 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.
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