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Gold Daily Technical Outlook

Comex Gold (GC)

Gold recovers further to as high as 1532.5 but lost momentum since then, with 4 hours MACD crosse below signal line again. As it can't sustain above 1526.8 resistance so far, we're favoring the case that it's merely in consolidation pattern from 1462.5. Below 1503.7 minor support will flip bias back to the downside for 1462.5/1471.1 support zone. Nevertheless, above 1532.5 will dampen this view and turn bias back to the upside for 1577.4 record high 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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