Happy New Year 2013. Wishing you all the best in this new year.
Just got back from long vacation and and now back to the business....
Gold dropped significantly at the end of 2012. It seemed like everyone needed some cash for vacation and sold the gold :D
From the daily chart above, gold is still moving in the downtrend path, but it looks like gold is well supported by the brown support area and beginning to make a sideways.
At the beginning of this year, gold had a gap which I thought it would make a break upside, but it turned out to be a false signal. It went down again.
Let's look at my other daily chart below.
I get a feeling that for some days ahead, gold will move sideways in the white-shaded area.
I still think that the intersection between the white and brown lines still a good buying area with SL just a little bit below the brown support (+/- 1620 area) and the TP around 1670-1680 (around the brown resistance).
But as always, please use your own analysis. Never trade based on other's opinion including me.
Good luck.
GG - 2013.01.07
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