Gold Daily Technical Outlook

Source:

"Gold's strong rebound extends further to as high as 1126.4 so far and at this point, further rise could still be seen"

Gold's strong rebound from 1074.4 extends further to as high as 1126.4 so far and at this point, further rise could still be seen towards 38.2% retracement of 1227.5 to 1074.4 at 1132.9. Nevertheless, upside is expected to be limited below 1163 resistance and bring fall resumption. Below 1100.5 minor support will flip intraday bias back to the downside for retesting 1074.4 low first. However, note that firm break of 1132.9 fibo resistance will argue fall from 1163 is already completed and will turn focus back to this resistance.

In the bigger picture, gold has made a medium-term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1163 will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5.

Comex Gold Continuous Contract 4-Hours Chart


Comex Gold Continuous Contract Daily Chart


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