Update - 2012-12-06

Usually I never post an update only few minutes than my forecast. And the most unusual for me is I never post other chart but gold.
But especially for this update, I make an exception. I can't help not to include comment this E/U chart.
It almost pretty clear that I can see a Cup and Handle pattern in this H4 E/U chart. I think most likely we will have a correction for E/U to its 38.2% fibo.

But this is not the only reason I want to comment about E/U chart.
Usually, E/U and gold have a positive correlation, which means, if E/U up then gold will also up and vice versa. But if you really notice, since Nov 26 (almost 2 weeks) we have seen that E/U and gold have a negative correlation. We can see that when E/U continue to go up from Nov 26, but gold went all the way down. I don't know what is the reason and until when it will be like that, but I think this won't be long since both has USD as their pairs.

As we have seen that Dollar Index is going down, then we can assume that the abnormal move is from the gold side. Eur reacts normally. If USD go down Eur should go up. And that's what gold should be normally, but it didn't. USD weaken and gold also weaken. This won't be forever. I guess gold should react normally soon.

One more interesting from H4 gold chart above is, it still respects the green path.
Look at the last candle. Gold move up so strong but stop exactly at my green path resistance and go back down to the yellow line.
I still stand by my opinion, that if gold can hold its position not lower than the purple line until the closing market this week, more likely we will have a sideways with slightly upside tendency as my last post.
But if gold can break the purple line, we may have a bearish up to 1665-1675 area.

Good luck.

GG - 2012.12.06