This is 22 December 2010, just a few days before Christmas and market seem not that attractive to me. If you noticed, I have no new analysis on my currency trading since a few days ago. Sure I enter the market, but no new entry has been done since a few days ago. I am currently on holiday for year end, and maybe will be back on my currency trading early next year. This is December and on my experience, it is not that attractive. For example, yesterday EURUSD has been in sideway for more than 12 hours.
I am looking at gold price today, and in confuse mode… either the gold price will go upward to create a new high. Or follow the fibonacci to go down. So the best choice to buy gold for you is wheneven the price hit the lower trendline or break the upper trendline. Or if you want to sell your gold, wait for it to hit upper trendline.
Standing on bearish divergence at 1 hour timeframe, and its upward movement looks like a corrective wave then my outlook for gold price remains bearish for short term.
But just to be careful if the price do break the upper trendline. Otherwise, I will say gold price will dip further and may target 1362.50.