Gold has been pushed downside by all US green data (ADP Non-Farm Employment Change, Unemployment Claims, ISM Manufacturing PMI) after trying to make an upside move.
Although all those data are green but I don't see it can push gold lower than 1713 for this moment. It pretty obvious for me gold is making an upside move from the 1H chart above. Unless it move lower than 1712-1713, I think it still in its uptrend path.
From 5M chart, we can see that gold is starting to move outside its downtrend path. I think its beginning to make a short term sideway (consolidation) and showing a weakness in its downtrend caused by the news. If it breaks 1712, there is still a possibility gold will go a little bit further downside. But I feel more likely gold has already make a short term resistance in 1715 area and may make a retracement to 1720-1728 area. I believe gold can't make any further upside until NFP on Friday.
As for me, 1713-1715 area is a good spot to make an entry point for LONG with a SL around 1708-1710 and TP around 1720-1725.
As always, THIS IS ONLY AN OPINION, NOT A SUGGESTION FOR TAKING ANY POSITION.
It is only my own analysis and I must remind you not to take it raw. Use your own consideration in trading.
Happy Profitable Trading.....
GG - 2012-11-02
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