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Gold Daily Technical Outlook

Comex Gold (GC)

Gold's consolidation from 1462.5 is still in progress and intraday bias remains neutral. At this point, we'd expect upside to be limited by 1526.8 and bring another fall to extend the decline from 1577.4. Below 1462.5 will target 50% retracement of 1309.1 to 1577.4 at 1443.3 and below. Though, tentatively, we'd expect strong support from next cluster level, 100% projection of 1577.4 to 1462.5 from 1526.8 at 1411.9, 61.8% retracement of 1309.1 to 1577.4 at 1411.6 and 38.2% retracement of 1155.6 to 1577.4 at 1416.3 to contain downside and bring rebound. On the upside, above 1526.8 will turn bias back to the upside for retesting 1577.4 instead.

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 no 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 1396) 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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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