GOLD COMEX RANGE AND ANALYSIS :> Bearish Scenario:A sustained move under $1457.10 will indicate the presence of sellers. This move is likely to continue to generate the downside momentum needed to eventually challenge the August 1 bottom at $1412.10.

Bullish Scenario

Overtaking and sustaining a rally over $1457.10 will signal the presence of buyers. This could set up a 2 to 3 day counter-trend rally with potential upside targets the main Fibonacci level at $1471.00 and the main 50% level at $1489.20. Sellers are likely to re-emerge on a test of $1471.00 to $1489.20.