Gold has been moving quite far since my last post on Feb 1st.
From the chart above, we can see that gold moved exactly between my white support and yellow resistance from Feb 1st (my last post) to Feb 11th. It formed a very good scalping area.
And as I predicted, gold broke the pennant on Feb 11th (in my earlier post I predicted gold would break the pennant at most before Feb 20).
Let's see the current condition.
Above is the M30 chart. We can see that gold moves sideways in a very narrow path. Since it already form a very short distance between the R/S at this moment, I think this is not an ideal time to make a position, even for scalping. The Risk-Reward ratio is not good enough.
Let's see from the long term time frame.
From the daily chart, we can see 2 very important things to notice. The first one is the Brown Resistance which is the Long Term Trend Resistance. This line is very strong and have never been broken before. I think this will be a strong resistance for some more months, probably up to mid year 2013. For me, this line will be my taking-profit Long positions.
The second important thing to pay attention is The Long Term Trend Support area (grey area). I define this as area because it spreads between 1522 to 1547 ($25 spread). This will be a good buying area for me with the stop loss a couple of $ below this area and the target a little bit below the Brown Resistance lines.
My conclusion, gold will move sideways between Brown Resistance Line and Grey Support Area at least for this month (March).
Good luck.
GG - 2013.03.06
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