Forecast - 2012.11.22

From my last post last night (my time), it happens to be true that gold is making a new temporary uptrend. I say temporary because it is only a small trend in the main trend.

Things that I notice this morning:

1. Gold is still in its last week path. The longer it moves in a path the stronger that path's R/S becomes. So I say that we have to pay attention to the top of my Grey Box as Resistance.

2. Although gold is still in the last week path, but it has overcome the 50% and 23,6% Fibo and now it is pointing upward. I feel that the bullish is more powerful than bearish, and I think gold soon will try the yellow Resistance (1) as its last high. If succeed than it may struggle around the Purple Resistance (2) which happen located in the same location as the stronger resistance around 1738-1740 area (not drawn here)

3. No high impact news for today except EU Economic Summit (EUES) Day 1. Today is also US Holiday, so the market more likely don't have high volatility. If nothing new from the result of EUES, I think gold won't break the purple resistance.

4. For lower scenario, I don't think gold will go lower 38,2% fibo lines or at worst to the bottom of the grey box (very little chance).

My conclusion: Gold will have a narrow range for today. The most likely between 1728-1738.

Reminder: As usual, I am not always true 100%. Please be wise and review with your own logic before taking any position. Strict to your Money Management plan.

Good luck pals....

PS: I'll be out all day long, probably can't post any update till night. Take care... :D

GG - 2012.11.22