Forecast - 2013.11.06

ANOTHER DIVERGENCE...!!!

At this moment we have a bullish divergence. William Percent Range and MACD indicators, both show bullish divergence.
The last time bearish divergence existed, it worked. Will it work now???
We will see soon.


AT SUPPORT LINES???

Gold goes back to its previous path, or from another point of view, it might be a beginning of a new path. Who cares?
But wait a minute, look closely!
From both points of view, the price might be near a support level. Technically it has bigger opportunity to move away from the support, right? Hahaha.... that's only an assumption. No one knows where will it go.
Let's take a closer look of the daily chart.

Yes, it might form many higher highs and lows from this view.
It also performs a Morning Star and (almost certain) Bullish Engulfing.

Ok then, I think gold has more chance to go up than down.
To what level? I suppose the key area would be the area between the blue and red resistances. Will it break that area or will it bounce back down? Let's wait and see....


Uhmm, wait a second. There will be Advanced GDP and NFP soon. I think it will have big influence of gold price. Take care and have SL and MM as your safety device. Have a nice trading.

GG - 2013.11.06

PS: Disclaimer always on!!!