Gold Daily Technical Outlook For Monday

Intraday bias in Gold remains neutral for the moment as sideway trading from 1163 is still in progress. With 1119.2 support intact, another rise could still be seen and above 1163 will bring stronger rebound into 1169.3/1227.5 resistance zone. However, upside should be limited there and bring another fall to continue to consolidation pattern from 1227.5. On the downside, below 1119.2 will suggest that recovery from 1075.2 has completed already and will flip intraday bias back to the downside for 1075.2 and below.

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. Considering that weekly MACD is staying below signal line, consolidation from 1227.5 is expected to extend further, either in form of sideway consolidation or a deeper pull back to 1026.9/1072 support zone, or even further to retest 1000 psychological level. But after all, 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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Gold Weekly Technical Outlook

Gold edged higher to 1163 last week but lost momentum ahead of 61.8% retracement of 1227.5 to 1075.2 and turned sideway. With 1119.2 support intact, another rise could still be seen and above 1163 will bring stronger rebound into 1169.3/1227.5 resistance zone. However, upside should be limited there and bring another fall to continue to consolidation pattern from 1227.5. On the downside, below 1119.2 will suggest that recovery from 1075.2 has completed already and will flip intraday bias back to the downside for 1075.2 and below.

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. Considering that weekly MACD is staying below signal line, consolidation from 1227.5 is expected to extend further, either in form of sideway consolidation or a deeper pull back to 1026.9/1072 support zone, or even further to retest 1000 psychological level. But after all, downside should be contained well above 931.3 support and bring up trend resumption to another high above 1227.5.

In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1460 level. We'll hold on to the bullish view as long as 931.3 structural support holds.....Comex Gold Continuous Contract 4 Hours Chart.

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Gold Daily Technical Outlook For Tuesday

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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Gold Weekly Technical Outlook

Gold's recovery was limited at 1142.9 after hitting 4 hours 55 EMA and fall from 1227.5 resumed and reached as low as 1097.4. Initial bias remains on the downside this week and further fall should be seen to 50% retracement of 931.3 to 1227.5 at 1079.4 next. On the upside, above 1142.9 resistance will argue that a short term bottom is formed and bring stronger recovery. But after all, upside should be limited below 1227.5 and bring another fall to continue the correction.

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.

In the long term picture, rise form 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1460 level. We'll hold on to the bullish view as long as 931.3 structural support holds.....Comex Gold Continuous Contract 4 Hours Chart.


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