Gold moves as predicted in my last post to my TP area at 1670-1680.
I think gold will have correction a bit before continue. More likely it will move between the white support and the brown resistance.
In other words, I take my long position profit at current price and stay away for a while, waiting the correction to enter another long. Although I'm bullish, I still believe gold will not break 1700 in several days ahead.
Looking at the daily chart above, I think the market still respect the white support which means gold is probably will bounce upside. Of course it will take weeks because we use daily time frame here.
For the downside scenario, if gold can break the white support, then it will once again enter the good buying area, at least from my opinion. If that happens, I think the brown support will not be broken easily.
Good luck and have a nice trading...
GG - 2013.01.10
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