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Intraday bias in gold remains on the upside with 1371.9 minor support intact. Further rise is still expected and decisive break of 1400 psychological resistance will pave the way to 161.8% projection of 1084.8 to 1266.5 from 1155.6 at 1449.6 next. On the downside, below 1371.9 minor support will turn bias neutral and bring consolidations. But break of 1315.8 is needed to signal topping. Otherwise, outlook will remain bullish.
In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Such rally is still expected to continue towards 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1315.8 support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
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