Gold Daily Technical Outlook
Mon, Jun 8 2009, 10:08 GMT
by Oil N' Gold Team
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Comex Gold (GC)
Gold's fall from 992.1 extends further today and break of the channel support suggests that a short term top is at least formed and rise from 865.5 has possibly completed. Intraday bias is flipped back to the downside and focus is turned to 915.2 support for confirmation. On the upside above 96.11 will turn intraday outlook neutral first. But break of 992.1 resistance is needed to indicate that recent rally has resumed. Otherwise, risk is now on the downside.
In the bigger picture, recent development argues that rise from 865 has possibly completed at 992.1 already, ahead of 1007.7/1033.9 key resistance zone. Also it suggests that consolidation from 1007.7 is still in progress and break of 915.2 support will bring the third leg down to test 865 support before completing the whole consolidation. Nevertheless, downside is expected to be contained by 801.5 cluster support (61.8% retracement of 681 to 1007.7 at 805.7 ) and bring resumption of rise from 681. On the upside, though, above 992.1 will revive the case that rise from 865 is resumption of up trend rather than part of sideway consolidation. In such case, retest of 1007.7/1033.9 resistance should be seen next.
Comex Gold Continuous Contract 4 Hours and Daily Charts
Published on
Mon, Jun 8 2009, 10:10 GMT
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