Forecast - 2013.01.29

Gold went down as I predicted in the last post. It didn't have chance to touch my resistance area first before going down. I expected it would be held around my separating brown line between Upper and Lower area, but it went directly to the white support and then bounce back to the north a little bit.
From this H4 chart we can see that the market still respects the white support. But seeing that the bear power was so strong, honestly I have a feeling that the bear is not finished yet.
Let's see through another point of view

This is the M30 chart with Breakout and MA indicators.
This afternoon (my time, it is now almost midnight when I type this) the Breakout and MA indicators indicated an up move. But I doubt it can continue to the north because the price is already touch the 160EMA as my daily resistance. Besides, gold is already between the Resistance 2 and 3 in the Breakout indicator with the Pivot line under the box area. Means to me a bad signal for Long position although the Breakout gives a Buy signal.

In this contradictory condition, better wait for a clearer confirmation. Honestly, I don't have a clear clue in this current price. More likely gold will make a really narrow sideways and waiting for more bull / bear power.
If it can break the 160EMA (blue MA line) or even more break the Resistance 3, I think the bull will  back into the game. In the contrary, if gold goes back down below the pivot level, we might have 1640-1650 area in sight.

Trade well and good luck.

GG - 2013.01.29