Gold Technical Analysis - 2012.10.31

From my last post, I noticed that gold had begun its sideway, which mean to me gold downtrend had almost done. Today, we can see that gold has really broke its sideway area and making a reversal upside. From 4H chart, we can see that gold has already begin touching the 1st Target Area (pink color, 1725-1735). More likely gold will make a consolidation in this area or make a sideway here for sometime.
I think it's a little bit difficult for gold to continue to the 2nd Target Area (blue color, 1735-1755) until NFP comes this Friday. If NFP is red enough (much less than forecast), I believe gold will go to the 2nd Target Area. But if the NFP is green enough (much more than forecast) there is a big possibility gold will go back to 1698-1718 area and playing around that area until US election.
I think US election will bring temporary (short term) boost for market psychology. Obama wins gold up, Romney wins gold down. At this moment I don't dare to predict how much gold will go then.
Although I still see a possibility of gold making correction to 1650-1700 area especially when US data are good plus the assumption Romney wins, but for longer term (maybe around 1st half of 2013) I believe gold has a big possibility breaking 1800. Time will tell....

As always, DO NOT take my analysis RAW. This is only for sharing my opinion, and I still also make mistakes for sure. Use your own analysis and consideration before taking any position.

Have a happy profitable trades....

GG 2012.10.31