Gold Daily Technical Outlook
Oil N' Gold Team from Oil N' Gold at 10/13/09
Comex Gold (GC)
Gold's rally resumes after brief consolidation and makes another record high today. At this point, intraday bias remains on the upside and further rise should be seen to 100% projection of 931.3 to 1025.8 from 952.5 at 1080 next. on the downside, below 1043.4 will turn intraday outlook neutral again. But pull back should be contained above 1011 resistance turned support and bring rally resumption.
In the bigger picture, the strong break of 1033.9 high confirms that long term up trend in Gold has resumed. Rise from 681 would likely develop into another 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 expected to extend to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 first and then 100% projection at 1258 next. On the downside, though, break of 984.4 support will dampen this bullish view and will turn focus back to 931.3 support instead.
Comex Gold Continuous Contract 4 Hours and Daily Chart