Gold's recovery was limited by 4 hours 55 EMA and turns sideway. At this point, stronger recovery could still be seen but after all, break of 1170.7 resistance is needed to confirm rally resumption. Otherwise, we'd expect more sideway trading below 1170.7 first. On the downside, however, below 1124.3 will bring deep fall towards 1084.8 support.
In the bigger picture, as noted before, the lack of impulsive structure of the rise from 1044.5 so far suggests that it's the second leg of the whole consolidation pattern that started at 1227.5. At this moment, there is no confirmation that rise from 1044.5 is completed yet and another rise might still be seen. However, even in that case, strong resistance should be seen above 100% projection of 1044.5 to 1145.8 from 1084.8 at 1186 to complete the rise and bring the another fall to retest 1044.5 before consolidation fro 1227.5 completes. Meanwhile, break of 1084.8 support will indicate that the third falling leg has likely started and will then target a new low below 1044. before completing consolidations from 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.
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