Comex Gold (GC)
Gold's rebound was limited at 1642.4 last week and weakened sharply since that. Price actions from 1526.7 to 1642.4 should be a three wave correction pattern that's finished. Hence, deeper decline is favor ahead through 1526.7 to 1500 psychological level. Though, we'll look for reversal signals again below 1500. On the upside, above 1642.4 will invalidate this bearish case and indicate that fall from 1792.7 has completed already. In such case, bring stronger rebound should be seen to 1700 and above instead.In the bigger picture, price actions form 1923.7 high are viewed as a medium term consolidation pattern. There is no indication that such consolidation is finished, and more range trading could be seen. In any case, downside of any falling leg should be contained by 1478.3/1577.4 support zone and bring rebound. Meanwhile, break of 1792.7 resistance is needed to be the first signal of up trend resumption. Otherwise, the consolidation would extend further.
In the long term picture, with 1478.3 support intact, there is no change in the long term bullish outlook in gold. While some more medium term consolidation cannot be ruled out, we'd anticipate an eventual break of 2000 psychological level in the long run
Comex Gold Continuous Contract 4 Hours Chart
source:http://www.oilngold.com/ong-focus/technical/gold-weekly-technical-outlook-2012060922021/
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