Comex Gold (GC)
Gold's recovery from 1462.5 is still in progress and intraday bias remains mildly on the upside for a retest on 1577.4 resistance. But at this point, we'd still expect strong resistance from 1577.4 to limit upside and bring another fall to extend the correction from there. Below 1498.5 minor support will flip intraday bias back to the downside for 50% retracement of 1309.1 to 1577.4 at 1443.3 and below.
In the bigger picture, a short term top is at least made at 1577.4 after gold hits medium term rising channel resistance. Nevertheless, there is not indication of long term trend reversal yet. Deeper pull back would possibly be seen back into 1309.1/1432.5 support zone. We'd anticipate strong support from medium term channel (now at 1390) to contain downside and finally bring up trend resumption through 1600 psychological level after consolidations. However, sustained trading below 1400 level will raise the possibility of trend reversal and will turn focus back to 1309.1 support for confirmation.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart