Gold's rise extended further to as high as 1165.3 last week and the break of 1163 resistance confirmed the case that fall from 1227.5 is already finished with three waves down to 1044.5. Rise from 1044.5 is treated as the second leg of the consolidation from 1227.5 and should now target 100% projection of 1044.5 to 1145.8 from 1084.8 at 1184.7 next. On the downside below 1144.0 minor will turn intraday bias neutral and bring retreat. But downside should be contained well above 1084.8 and bring another rise.
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. Hence upside will likely be limited by 1227.5 high and bring at least one more fall before the consolidation concludes. On the downside, below 1084.8 support will indicate that the third leg of consolidations has started and should then target 1044.5 again.
In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1462 level. We'll hold on to the bullish view as long as 931.3 structural support holds.....Comex Gold Continuous Contract 4 Hours Chart.
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