With 4 hours MACD crossed below signal line, a temporary top is in place at 1160.7 and intraday bias is turned neutral. Break of 1135.2 minor support will indicate that recovery from 1124.3 has finished and will flip intraday bias back to the downside for 61.8% retracement if 1084.8 to 1170.7 at 1117.6 and below. On the upside, in case of another rise, we'd expect upside to be limited by 1170.7 resistance and bring another fall.
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.
Is Gold Poised to Go Higher or Lower?
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