Forecast - 2013.09.22

HOW LOW THE BEAR CAN GO?

After having a significant jump on Thursday, right after FOMC, gold has been plunged almost 4,400 pips.
Although I have predicted that gold could not go higher than 1375 because the Resistance was  obviously very strong (R/S Lines and Fibo, see my previous post), but I also didn't expect that gold would dive that far so quick.
Luckily, I have anticipated the move, I still could take profit.
Now, let's see the eternal question that always pops up everyday, where the gold will go next?

From H4 Chart, we can see that gold has touched 61,8% fibo and went up a bit before it closed.

Zooming to H1, we can see that the last bar formed a very small pinbar.
Although this is not a very clear sign of reversal, I think we also can't ignore this. I suspect gold down move can be restrained around this area.
But to say that it will go up or down, we need more confirmation.
If I have to guess, I think gold more likely to go up than to go down. Let's see tomorrow.

Let's see one more chart.
I put the previous Fibonacci (originally used to measure the spike last Thursday), we also can see that gold closed exactly at the 23,6% Fibo.
That was an interesting "coincident".
Or is it a sign? :)




My conclusion:
More likely gold will not go lower and possibly it'll go a little bit upside.
Disclaimer on.

GG - 2013.09.22