Gold remains firm so far even though it's losing a bit upside momentum. Further rise would remain in favor as long as 1123.5 minor support holds targeting a retest on 1145.8 resistance next. On the downside, below 1123.5 will indicate that a short term top is formed and should bring some lengthier consolidation before 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.
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