Comex Gold (GC)
Gold's up trend resumed last week and reached as high as 1476.4. Initial bias remains on the upside this week for 61.8% projection of 1155.6 to 1432.5 from 1309.1 at 1480.2 next. Break will then target 1500 psychological level. On the downside, break of 1452.6 support is needed to signal short term topping. Otherwise, outlook will remain bullish even in case of retreat.
In the bigger picture, gold's long term up trend is still in progress and is possibly regaining momentum again. In any case, we'll stay bullish as long as 1309.1 support holds and expect the current up trend to target 1500 psychological level next. Further acceleration will pave the way to 100% projection of 1155.6 to 1432.5 from 1309.1 at 1586.
In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253. 100% projection of 253 to 1033.9 from 681 at 1462 is already met but there is no sign of reversal yet. Sustained trading above 1462.6 would possibly pave the way towards 161.8% projection at 1945.6 in the longer term.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Comex Gold Continuous Contract Weekly Chart
Comex Gold Continuous Contract Monthly Chart
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