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Gold Weekly Technical Outlook

Sat, Jul 11 2009, 18:07 GMT
by Oil N' Gold Team

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Comex Gold (GC)

Gold's decline resumed last week by taking out 9.12.3 and reached as low as 904.8 before turning sideway. Some consolidation might be seen initially this week but after all, recovery should be limited below 949.0 resistance and bring fall resumption. Below 904.8 will target 100% projection of 992.1 to 913.2 from 949 at 870.1 next.

In the bigger picture, fall from 992.1 is the third leg of the consolidation from 1007.7, which is not completed yet. such decline will likely extend to of 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, above 949 resistance will suggests that fall from 992.1 has completed and turn outlook bullish for retesting this resistance. Break there 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.

In the long term picture, medium term consolidation from 1033.9 should have completed as an expanding triangle to 681 already. Rise from there is tentatively treated as resumption of the long term up trend from 253 and will target 61.8% projection of 253 to 1033.9 from 681 at 1160 after taking out 1033.9 high. However, a break below mentioned 801.5 cluster support will argue that consolidation from 1033.9 is still in progress and will delay the long term bullish case.

Comex Gold Continuous Contract Charts

Published on  Sat, Jul 11 2009, 18:10 GMT

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