Gold daily time frame price action is currently clearly supported by the 9 Day ( Orange ). The recent parabolic price action was a clear reaction to the FOMC announcements relating to QE3 and a falling USD. Indicators like , . and are all at extremely overbought levels. Any corrective price action or controlled pull-back would be seen as a good opportunity for Long set-ups by the majority of traders and investors. Current support on the downside is located at 1762.94 which is already mentioned (9 Day ) followed by 1722.39 which is the previous significant low and also 20 Day . Alternatively the resistance on the upside is initially located at the 1792.70 level.