Oil N' Gold: Gold Daily Technical Outlook For Thursday Oct. 20th

Gold's break of 1627.6 minor support suggests that the choppy recovery from 1535 is possibly finished at 1696.8 already. Intraday bias is back on the downside for a test on 1535 low first. Break there will confirm resumption of the whole decline from 1923.7 and should target 1500 psychological level next. On the upside, while another recovery cannot be ruled out yet, we'd maintain that with 1705.4 double top neckline intact, outlook remains bearish and the decline from 1923.7 is expected to resume sooner or later.

In the bigger picture, current development indicates that gold has made a medium term top at 1923.7, ahead of long term projection level of 161.8% projection of 253 to 1033.9 from 681 at 1945.6 and 2000 psychological level. While the fall from 1923.7 is steep and deep, gold is still holding inside long term rising channel from 681 and above 55 weeks EMA at 1513.3. Hence, we're not too bearish in gold yet. Strong support is anticipated at 1478.3/1577.4 support zone to contained downside, at least initially, and bring rebound. However, note that sustained break of 1478.3 will strongly suggest that the long term up trend has already reversed.

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Oil N' Gold: Gold Daily Technical Outlook For Wednesday Sept 28th

The staff at Oil N' Gold has been sticking to their long term Fibonacci numbers and it has served them well. What are they saying this morning......

Intraday bias in gold remains neutral and for the moment and more consolidative trading could be seen above 1535 in near term. On the upside note that break of 1705.4 double top neckline is needed to indicate near term trend reversal. Otherwise, fall from 1923.7 is still expected to continue. Below 1535 will target 1500 psychological level next. Though, break of 1705.4 will argue that fall from 1923.7 might be over and will bring stronger rise towards this high.

In the bigger picture, current development indicates that gold has made a medium term top at 1923.7, ahead of long term projection level of 161.8% projection of 253 to 1033.9 from 681 at 1945.6 and 2000 psychological level. While the fall from 1923.7 is steep and deep, gold is still holding inside long term rising channel from 681 and above 55 weeks EMA at 1508.1. Hence, we're not too bearish in gold yet. Strong support is anticipated at 1478.3/1577.4 support zone to contained downside, at least initially, and bring rebound. However, note that sustained break of 1478.3 will strongly suggest that the long term up trend has already reversed.


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Oil N Gold: Gold Weekly Technical Outlook For Saturday Sept 17th

Gold's choppy fall from 1923.7 extended to as low as 1765.4 last week and there is no sign of completion yet. Such decline is either consolidation to rise from 1705.4 or the third leg of the consolidation pattern from 1917.9. In either case, more choppy trading would still be seen in range of 1705.4/1923.7. But in case of deeper fall, we'd expect strong support above 1705.4 to contain downside and bring up trend resumption. Above 1923.7 should in turn send gold towards 61.8% projection of 1478.3 to 1917.9 from 1705.4 at 1977.1.

In the bigger picture, firstly, gold's long term up trend is still intact and there is no signal of reversal yet. Another record high should still be seen. But we'll be cautious on another near term reversal near to 2000 psychological level and finally bring some lengthier consolidation. Meanwhile, a break of 1705.4 will argue that gold has indeed topped out with a double top reversal pattern (1917.9, 1923.7) and in such case, deeper pull back could be seen back towards resistance turned 1577.4 support instead.

In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 and there is no sign of topping yet. Current up trend could now be targeting 161.8% projection of 253 to 1033.9 from 681 at 1945.6. Sustained trading above 2000 psychological level should pave the way to 261.8% projection at 2727.2.


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OIl N Gold: Gold Weekly Technical Outlook

Gold's rebound from 1705.4 extend further to as high as 1887.4 last week and seems to be accelerating. Initial bias remains on the upside for 1917.9 high. Break will confirm up trend resumption and should target 2000 psychological level. On the downside, break of 1815.5 minor support will flip bias to the downside towards 1705.4 to continue the consolidation from 1917.9.

In the bigger picture, firstly, gold's long term up trend is still intact and there is no signal of reversal yet. Current development suggests that gold will attempt to make a new record high above 1917.9 in near term possibly to 61.8% projection of 1478.3 to 1917.9 from 1705.4 at 1997.1. But we'll be cautious on another near term reversal near to 2000 psychological level and finally bring some lengthier consolidation. But in any case, we won't consider medium term reversal possibly before sustained break of 55 days EMA (now at 1691.7)

In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 and there is no sign of topping yet. Current up trend could now be targeting 161.8% projection of 253 to 1033.9 from 681 at 1945.6. Sustained trading above 2000 psychological level should pave the way to 261.8% projection at 2727.2.

Comex Gold Continuous Contract 4 Hours Chart

Gold Daily Technical Outlook For Monday Morning

Intraday bias in gold remains neutral for the moment and focus is on 1131.5 resistance. Break there will indicate that rise from 1044.5 is resuming and will also strongly suggest that whole correction from 1227.5 is finished with three waves down to 1044.5 already. In such case, stronger rally should be seen to 1163 resistance for confirmation. On the downside, however, below 1088.5 support will shift favors back to the case that another low below 1044.5 would be seen before correction from 1227.5 concludes.

In the bigger picture, price actions from 1227.5 are treated as correction to rise fro 931.3 only. The question now is on whether such correction is finished after meeting 61.8% retracement of 931.3 to 1227.5 at 1044.4. Strong break of 1163 resistance will indicate that the long term up trend is likely resuming for another high above 1227.5. On the downside, even in case of another fall, we'd expect strong support at 1000 psychological level to conclude the correction and bring up trend resumption.....Comex Gold Continuous Contract 4 Hours Chart.


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Gold Daily Technical Outlook For Thursday Morning

As discussed before, Gold's choppy recovery from 1044.5 should have completed at 1131.5 already after failing to sustain above 1126.4 resistance. Intraday bias remains on the downside for the moment for 1044.5 low and below to extend the whole correction from 1227.5. On the upside, above 1108.8 minor resistance will turn intraday bias neutral again. Also, note that break of 1131.5 resistance now should confirm that fall from 1227.5 has completed with three waves down to 1044.5 and should bring retest of this high.

In the bigger picture, outlook remains broadly unchanged. Price actions from 1227.5 are treated as corrections to rise from 931.3 only. Hence, even in case of another fall, downside is expected to be contained by 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level and bring long term up trend resumption. Decisive break of 1163 resistance will indicate that such correction has already completed and the long term up trend is set to resume for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Daily Technical Outlook For Tuesday Morning

Gold had another attempt to break through 1126.4 resistance but once again failed to sustain above this level. The outlook remains unclear. Still, from a near term point of view, another rise would be mildly in favor as long as 1099.1 minor support holds. Sustained trading above 1126.4 will indicate that whole corrective fall from 1227.5 high has already completed with three waves down to 1044.5 already. In such case, stronger rally should be seen to 1163 resistance for confirmation. On the downside, though, a break of 1099.1 support will argue that rebound from 1044.5 has completed and correction from 1227.5 is still in progress for another low before conclusion.

In the bigger picture, outlook remains broadly unchanged. Price actions from 1227.5 are treated as corrections to rise from 931.3 only. Hence, even in case of another fall, downside is expected to be contained by 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level and bring long term up trend resumption. Decisive break of 1163 resistance will indicate that such correction has already completed and the long term up trend is set to resume for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Market Commentary For Friday Morning

At this point, intraday bias in Gold remains neutral as it's still struggling in tight range below 1126.4 resistance. As noted before, with 1126.4 intact, we're still favoring the case that recent decline from 1227.5 is not over yet. Below 1077.3 minor support will indicate that rebound from 1044.5 has completed and will flip intraday bias back to the downside for another low below 1044.5. However, note that sustained trading above 1126.4 resistance will argue that correction from 1227.5 has already completed and will turn focus to 1163 resistance for confirmation.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Daily Technical Outlook For Thursday Morning

Gold failed to stay above 1126.4 resistance and retreated sharply. With 4 hours MACD crossed below signal line, intraday bias is turned neutral for the moment. Note that with 1126.4 intact, we're still favoring the case that recent decline from 1227.5 is not over yet. Below 1077.3 minor support will indicate that rebound from 1044.5 has completed and will flip intraday bias back to the downside for another low below 1044.5. However, note that sustained trading above 1126.4 resistance will argue that correction from 1227.5 has already completed and will turn focus to 1163 resistance for confirmation.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus.....
Comex Gold Continuous Contract 4 Hours Chart.

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Gold Daily Technical Outlook For Tuesday

Gold rebounds further to as high as 1117.5 so far today and is set to take on 1120 level. The stronger than expected rise dampens our view that it's corrective in nature. But after all, with 1126.4 resistance intact, we'd still favor the bearish case. That is, fall from 1227.5 is not over yet. Break of 1077.3 minor support will indicate that such rebound from 1044.5 has completed and will flip intraday bias back to the downside. Further break of 1044.5 will target 1000 psychological support next. However, note that firm break of 1126.4 resistance will argue that correction from 1227.5 has already completed and will turn focus to 1163 resistance for confirmation.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus.....
Comex Gold Continuous Contract 4 Hours Chart.


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Gold Daily Technical Outlook For Friday Morning

No change in gold's outlook. While another rise cannot be ruled out, upside is still expected to be limited below 1126.4 resistance and bring fall resumption. Below 1063.3 minor support will flip intraday bias back to the downside for 1044.5 low first. Break there will target 1000 psychological level next.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus.....Comex Gold Continuous Contract 4 Hours Chart.


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Gold Daily Technical Outlook For Wednesday Morning

Gold's consolidation from 1044.5 is still in progress and another recovery cannot be ruled out. But after all, we'd still expect upside to be limited below 1126.4 resistance and bring fall resumption. Below 1061.8 minor support will flip intraday bias back to the downside for 1044.5 low first. Break there will target 1000 psychological level next.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus.....Comex Gold Continuous Contract 4 Hours Chart.


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Gold Daily Technical Outlook For Wednesday Morning

Intraday bias in gold remains neutral as consolidation continues. More sideway trading might be seen but upside is expected to be limited well below 1126.4 resistance and bring fall resumption. Below 1044.5 will target 1000 psychological level next.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus.....Comex Gold Continuous Contract 4 Hours Chart.


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Gold Daily Technical Outlook For Tuesday

Intraday bias in gold remains neutral as consolidation continues. More sideway trading might be seen but upside is expected to be limited well below 1126.4 resistance and bring fall resumption. Below 1044.5 will target 1000 psychological level next.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Daily Technical Outlook For Monday

Gold's recovery continued today and break of 1070 minor resistance indicates that an intraday low is in place at 1044.5. Bias is turned neutral and some more consolidation would now be seen. Nevertheless, upside is expected to be limited well below 1126.4 resistance and bring fall resumption Below 1044.5 will target 1000 psychological level next.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Daily Technical Outlook For Wednesday Morning

Gold's strong rebound from 1074.4 extends further to as high as 1126.4 so far and at this point, further rise could still be seen towards 38.2% retracement of 1227.5 to 1074.4 at 1132.9. Nevertheless, upside is expected to be limited below 1163 resistance and bring fall resumption. Below 1100.5 minor support will flip intraday bias back to the downside for retesting 1074.4 low first. However, note that firm break of 1132.9 fibo resistance will argue fall from 1163 is already completed and will turn focus back to this resistance.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Daily Technical Outlook For Tuesday

Gold's strong rebound and break of 1105.1 resistance indicates that a short term bottom is formed with bullish convergence condition in 4 hours MACD. Stronger recovery could now be seen to 38.2% retracement of 1227.5 to 1074.4 at 1132.9. Neverhteless, upside is expected to be limited below 1163 resistance and bring fall resumption. Below 1074.4 will target 100% projection of 1227.5 to 1075.2 from 1163 at 1010.7 next.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Weekly Technical Outlook

Gold' fall from 1163 continued last week and is reached as low as 1075, breaking 1075.2 support briefly. INitial bias remains on the downside this week as long as 1105.1 minor resistance holds As noted before, whole decline from 1127.5 should be resuming and a break of 1075.0 will target 100% projection of 1227.5 to 1075.2 from 1163 at 1010.7 next. On the upside, above 1105.1 will turn intraday bias neutral and bring recovery. But upside should be limited below 1163 resistance and bring fall resumption.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.

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 1460 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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Gold Daily Technical Outlook For Thursday Morning

Intraday bias in Gold remains neutral as it's still staying in tight range above 1081.9. Some more sideway trading could be seen but after all, another fall is still expected as long as 1117.8 resistance holds. Current fall from 1163 is expected to continue to resume whole correction form 1227.5 and should target 100% projection of 1227.5 to 1075.2 from 1163 at 1010.7 next. On the upside, above 1117.8 will bring stronger rebound and put 1163 resistance back into focus.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Daily Technical Outlook For Wednesday Morning

Gold is still bounded in tight range above 1081.9 as consolidations continues and intraday bias remains neutral. However, another fall is still expected as long as 1117.8 resistance holds. Current fall from 1163 is expected to continue to resume whole correction form 1227.5 and should target 100% projection of 1227.5 to 1075.2 from 1163 at 1010.7 next. On the upside, above 1117.8 will bring stronger rebound and put 1163 resistance back into focus.

In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.

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