Gold Weekly Technical Outlook.

 Comex Gold (GC).

Gold's down trend continued last week and dropped to as low as 1179.4 before covering mildly. From near term point of view, outlook stays bearish as long as 1268.7 resistance holds. However, we'd point out that gold is now in an important support zone of 1155.7 and 1200. A break above 1268.7 will indicate bottoming and would turn outlook cautiously bullish for rebound back to 55 days EMA (now at 1391.2).
In the bigger picture, while long term down trend from from 1923.7 is still in progress, we'd be cautious on strong support from 61.8% retracement of 681. to 1923.7 at 1155.7 to bring rebound. Though, even in that case, break of 1526.7 resistance is needed to signal reversal. Or, outlook will stay bearish for deeper decline ahead.
In the long term picture, the long term up trend in gold has likely reversed and this is affirmed by the strong break of 55 months EMA (now at 1378.5). Gold is possibly now in a long term correction pattern that would drag in back to 681/1033.9 support zone, with 61.8% retracement of 253.2 to 1923.7 at 891.3 inside.

Comex Gold Continuous Contract 4 Hours Chart.


Comex Gold Continuous Contract Daily Chart. 





Comex Gold Continuous Contract Weekly Chart. 






Comex Gold Continuous Contract Monthly Chart.