Gold turns sideway after hitting 4 hours 55 EMA but at this point, further recovery cannot be ruled out. Nevertheless, note that another decline is still in favor as long as 1142.9 resistance holds and below 1075.2 will target 61.8% retracement of 931.3 to 1227.5 at 1044.4 next. However, break of 1142.9 will indicate that pull back from 1227.5 has completed and stronger rally should then be seen to retest this resistance.
In the bigger picture, rise from 681 is expected to develop into a set of five wave sequence with first wave completed at 1007.7, second wave triangle consolidation completed at 931.3. Rise from 931.3 is treated as the third wave and has possibly completed at 1227.5 after missing 100% projection of 681 to 1007.7 from 931.3 at 1258. Deeper pull back could now be seen to 1026.9/1072 support zone, or even further to retest 1000 psychological level. But downside should be contained well above 931.3 support and bring up trend resumption to another high above 1227.5.....Comex Gold Continuous Contract 4 Hours Chart.
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