Gold is still moving in its Main Trend Area as can be seen in H4 chart above.
Yesterday, it tried to break its short term resistance at 1735 area but failed. The failure was more because of BB speech (fundamental), which also became a trigger to break its yesterday scalping path as I predicted in my last post before this one.
Today we can see gold is moving back down to its last week path area. Looking to the downside pressure it has, I think gold will test its supports.
The first support to notice, of course, is the support of its last week path @1720 area.
The 2nd and 3rd support is the short term support also from last week movement (see the 1H chart below).
The last support is the strongest one because it is also The Main Trend Support, and this is also the reason why I'm still saying that there is only a small chance gold will going back lower than 1700.
Breaking this Main Trend Support may cause a breakout downside.
For the upside scenario: there is still a chance gold will also test both resistance, the last week path resistance and the short term resistance. IF it can break both, then the last resistance, which also very strong one, is its Main Trend Resistance. Breaking this resistance may cause another new attempt to break 2012 high or maybe a trial to break 1800.
Wherever it go today, north or south, I believe gold won't break Main Trend R/S yet since I don't see any strong reason for gold to make that happen today.
My opinion, today gold will not make high volatility and there is a chance it will form another scalping path before NY open.
Be wise, don't swallow it RAW, use your own logic, and let's get those pips :D
GG - 2012.11.21
Tidak ada komentar:
Posting Komentar