Gold is still moving in the temporary uptrend as I mention in my last post. I try to draw a new perspective fibo (different than my last post), and it gives more confirmation that gold is still in the uptrend. From M30 chart above, we can see that gold has retraced back upside and pass all the fibo lines. It even went higher than its 61,8% fibo before going back down a little bit to its 61,8 and make it become its support.
Let's see closer to M5 chart below
I have 3 scenarios here.
Scenario 1:
Gold tries to go downside and restrained by 61,8% fibo then go back upside. If it can go higher than its minor trend resistance (see the chart above), then I think it will go to 1734-1736 area at least.
Scenario 2:
Gold tries to go downside and break its 61,8% fibo and also breaks both minor trend support (see M5 chart) and temporary uptrend support (see M30 chart). Then we should have one more time correction downside may be to 1720-1725 area.
Scenario 3 (not drawn in the chart):
The bull and the bear has not made any decision who may lead this time. In other words, gold make a longer sideways. Not going upside nor downside, just make a narrow sideways....
Whatever scenario happens, I still think gold will not make a big move today and I also think it's better scalping in the market like this.
It's all up to you to make positions. Whatever you do, I wish you all a good luck and profitable trades.
GG - 2012.11.22
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