Technical Outlook for Gold (Weekly)
COMEX Gold (GC)
Gold’s consolidative trading continued and outlook is unchanged in here.
At this point, further rise cannot be ruled out as long as the support at 1308.2 is intact. The/an extension could top around long term Fibo mark at 1380.98.
A clear break of the Key support at 1308.2 will be the 1st sign of trend reversal and will turn the focus to the next Key support a 1199.0
The bigger picture
Price actions from 1045.4 are seen as developing into a sideways consolidation pattern.
In case of stronger rise, expect strong resistance from 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.
A clear break break of 1380.9 will open up an extension of this rally to 61.8% Fibo retracement at 1588.2.
The long term picture
Current development suggests that Gold would consolidate above 1045.4 medium term bottom in here. A the fall from 1923.7 is seen as a long term correction. Sill favor another decline into 681/1033.9 support zone, with 61.8% Fibo retracement of 253.2 to 1923.7 at 891.3 inside.
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