Gold's break of 1170.7 indicates that rise from 1084.8 has resumed. Intraday bias is now on the upside and further rise should be seen to 100% projection of 100% projection of 1044.5 to 1145.8 from 1084.8 at 1186 next. On the downside, below 1147.3 support will turn intraday bias neutral. Also, note that further break of 1124.3 will indicate that whole rise from 1044.5 has completed and will bring deeper decline to 1084.8 support and below.
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 from 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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