Gold Daily Technical Outlook

Oil N' Gold Team from Oil N' Gold at 12/03/09

Comex Gold (GC)

Gold reaches as high as 1227.5 so far and at this point, intraday bias remains on the upside for mentioned target of 61.8% projection of 1026.9 to 1196 from 1130.1 at 1233.7. Break will target medium term projection level at 1258. On the downside, below 1208 minor support will indicate that an intraday top is in place and bring pull back, probably to 4 hours 55 EMA (now at 1182.6) before staging another rise.

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 there is no indication of completion yet. Such rally is still expected to continue and target 100% projection of 681 to 1007.7 from 931.3 at 1258. We'll hold on to this bullish view as long as 1072 resistance turn supported holds.

Comex Gold Continuous Contract 4 Hours and Daily Chart