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Comex Gold has exhibited a remarkable rally in recent times, propelled by several bullish factors. Its surge above the significant resistance level at $2073, marking the 100% Fibonacci retracement, has garnered attention. With prices comfortably above the 100 and 200 Moving Averages, indicating strength for the long term, optimism pervades. The breakout has set the stage for further gains, with targets projected towards $2500-$2550, aligning with the depth of the rounding bottom chart pattern.

Despite indications of exhaustion in short-term price returns and overbought conditions highlighted by MACD and RSI, the bullish sentiment persists. The Choppiness Index underscores the current high volatility, suggesting a potential reversal in the prevailing trend. However, support levels around $2245 reassure investors amid fluctuations, while vigilance is advised for any retracement towards the neckline at $2100.

Technical

Rounding Bottom Pattern: The formation of a rounding bottom pattern on the Comex Gold weekly chart suggests a bullish reversal in the making.

Moving Averages: Prices are significantly above the 100 and 200 moving averages, indicating a positive long-term outlook.

Price Exhaustion: Despite the bullish sentiment, the unusual 100-day trailing price returns indicate potential exhaustion, suggesting a need for caution.

Fibonacci Levels: The break above $2073, representing the 100% Fibonacci level, opens the path towards resistance at 127.20% ($2354) and 141.40% ($2500).

Target Projection: Based on the rounding bottom pattern, the target above the neckline is projected at $2500-$2550, with a timeframe of 5-6 months or more for attainment.

MACD Indicator: The MACD touching 70.47, indicative of overbought conditions, warrants caution, as similar instances in August 2020 preceded price corrections.

Choppiness Index: The Choppiness Index's indication of high volatility suggests the potential for a reversal in the current trend, with volatility likely to decrease gradually.

RSI Analysis: RSI at 77.74, signaling an overbought market, aligns with cautionary sentiments, reminiscent of August 2020.

Overall, while the rounding bottom pattern implies a bullish outlook for Comex Gold with a target around $2500, it's crucial to heed the warnings from other indicators such as MACD, Choppiness Index, and RSI, which suggest potential for a corrective phase. Support levels at $2245 and $2100 should be closely monitored for potential downside risks. So, we advise stay caution, as Comex Gold's long-term outlook appears bullish with a target of $2500+, supported by a rounding bottom pattern breakout. However, indicators signal exhaustion, urging caution. A close below $2320 on weekly basis or break below $2290 may trigger selling towards $2245 support. Stay vigilant.