Last Update - 2012.11.23

 A LESSON LEARNED

Today I got another lesson lively. Usually I am not the kind of a man that ever underestimate NEWS. But I DID IT today!!! Damn.... (excuse me for that word :D)
Sorry? Yes. I could have made 10 times profit than I got just now. All my prediction was on the track. I was right until the news broke all my plan.
Looking the M15 chart above, everything went on its track. Gold price stuck around my predicted price.  I was scalping in that area and making my 1% daily target. Already got that target when I closed all my long position and that jump happened. If only I hold it few more minutes.....
That's why I always say, never underestimate news. I often put aside my technical for a while when the certain big impact news show up.

Now stop talking the history. Let's discuss the situation....
Let's take a look at the 4H Chart below. 

As we can see, this news must be big. It broke all my resistances in a single move. The last week path resistance (1), my purple top resistance (2), both my temporary uptrend lines (3 + 4).
Now, the only last resistance left is The Main Uptrend Resistance (5). I think it should be the strongest of all and I'm pretty sure gold will not break it in one pass only.
Today is become an extraordinary Friday. Gold price jumped so high and broke many resistances.
But I believe, as the nature calls for Friday, we're gonna have some correction at closing market in few more hours. Logically, many traders don't want to take the risks for next week. Many profit will be cashed in, and many cut losses will be made. In other words, I believe we will have a little bit retracement downside although I think it will not too big.
I think we will not have closing more than 1753.5, since it will be the next minor resistance for me before the Main Trend Resistance. We'll see....

For the downside scenario, I don't think gold will gonna go lower than my purple resistance which now automatically become the support for gold around 1736-1738 area.
It's more likely gold will be closed above 1740 and below 1750. Let's see.

Let's wait and see what this shiny yellow thing will do next week. Will it surprise us with jumping or the diving? Just be prepared for higher volatility next week.

Good luck and have a good weekend everyone....

GG - 2012.11.23