GOLD Forecast January 9-13

Wait for price to break that 1188 resistance before going long on pullback for a huge upmove. Else I would buy if price drops to the 1145 handle, if it goes there late in the week I would probably not want to buy though.

This is my forecast for the week ahead. It will be updated everyday during asian session for any changes. Do scroll down to look at the comments for updates.

Just because price has reached my area of interest does not mean I will open a position unless I specifically mentioned I would open a position there. I would normally watch the price action before deciding.

Nothing is 100% in trading, it is a game of probabilities. Be nimble when trading, never have a strong bias. I can turn from bullish to bearish in a day if price action tells me so.

Komen:

Nothing has changed, still waiting for a break of resistance. I am still a buyer if price spiked down to 1146.

Komen:

Wednesday

Resistance still not broken, waiting to break to buy on pullback. Still a buyer is price spiked down to 1146.

Komen:

Thursday

The down spike I wanted never happened and price broke one resistance but failed on another. Long on pullback but watching that 1197 resistance carefully, another fail there will hint that we are topping.

Komen:

Friday

The failure on 1197 does worry my bullish view, but it depends on the downmove after that. As long as 1187 support holds I would go long.