As mentioned in yesterday post, I think gold is beginning to make a new sideways area, more likely in my upper path area, and make the brown line as the support line.
From the daily chart above, it is clear to see that gold is making a new trend path, which is an upside tendency sideways. I divide this new path into 2 paths, Upper path and Lower path.
This is what I think as the first alternative and the most likely to happen in my opinion.
Gold will move to the White Resistance Line but probably will have strong resistance area around 1698-1705. I believe, if gold can go into that area, it will not easily continue its journey to the north but must struggle several times to pass that area. And there is a big probability gold will have a deep correction back to current path if it can't penetrate that resistance area.
The second alternative is that the brown line will become the pivot line for several days (or maybe weeks) ahead.
In this scenario, I believe gold will move up and down around the middle brown line as the pivot line. We need to wait two or three days more to have the confirmation if this is what will happen.
The last scenario is the less likely to happen but still have chance is the downside scenario. If gold move back to the lower path and break the white support, then I think it will play in the intersection area which I called a good buying area in my past posts. I believe this scenario has a very small chance to happen.
Happy Trading....
GG - 2013.01.16
For My Personal Note:
Breakout and BOZ confirmed in XAU today. But only got 350 pips because it was too close with the SMA, and also it had a collision with my brown line. So, I only took 350 pips.
The result until today:
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