Technical Analysis - 2012.11.13

Gold has moved downside last night (my time). And since this morning it is moving back a little.
From M30 chart below we can see that gold downside move had been stopped by the support @ 1721,26 and it has retraced a bit.

The zoom to M15 chart also shows an uptrend slope with a parallel R/S but a narrow distance, about only 220 pips. Wait for some more candles to confirm whether it can be a scalping path or not.

 

When I notice that today we don't have strong impact news coming out, I think there will be a good chance it will form a scalping path. Even more, I expect it will change to a sideways path with wider range if gold breaks my white R/S and becoming a better opportunity to scalp since it is almost London opening. Let's see...

For today move, I think gold will make a sideways around 1715-1735, not lower nor higher.

But remember, market is dynamic. Just put your SL and risk management and you'll be fine.

Good luck...

GG - 2012.11.13