|Technical Outlook for COMEX Gold (Weekly)
COMEX Gold (GC)
Gold’s consolidation trading continued but recovered ahead of 1308.2 the Key support. At this point, a move higher cannot be ruled out with 1308.2 support intact.
Be cautious on topping around long term Fibo mark at 1380.98. Break of support at 1308.2 will be the 1st sign of trend reversal and will turn focus back to 1199.0 support
In the bigger picture
COMEX Gold’s price actions from 1045.4 are seen as developing into a sideways consolidation pattern. In case of stronger rise, expect strong resistance from the 38.2% Fibo retracement of 1923.7 to 1045.4 at 1380.9 to limit the Northside.
Southside attempts should be contained above 1045.4 low. A clear break of 1380.9 will open up a rally to the 61.8% Fibo retracement at 1588.2.
In the long term picture
This development suggests that Gold would consolidate above 1045.4 medium term bottom for a bit. The the fall from 1923.7 is seen as a long term correction.
Favor another decline into 681/1033.9 support zone, with 61.8% Fibo retracement of 253.2 to 1923.7 at 891.3 inside. But, a clear break of 1380.9 Fibo mark will suggest that price action from 1923.7 are developing into a sideways pattern instead.
COMEX Gold Continuous Contract Weekly Chart
Have a terrific week…