Other factors affecting the price of Gold such as recent Dollar strength and FED Repo/ programs pumping liquidity, have become headwinds or are having a lesser impact now that we are in the New Year. The dollar has a little higher to go in the week ahead, so expect Gold weakness as a result.
The Commodity is in a long-term Bull Market with price trading above the 50 day , which is above the 200 and 800 day emas. The 50 day is currently up trending, with Gold trading up in a strong b-wave flat that traded over the previous highs of 1557.10 before trending down again. In an the c-wave trades down below the a-wave low, which is at 1445.50, so expect the down-trend to head back down there before completing longer term.
The Commodity is in a Bull Market on the 4 hour, with price above the 50 , which is above the 200 , which is above the 800 . The long term emas have flattened out here as price has corrected down from the new high. With price breaking back above the 9 and 13 emas, gold has technically went back into a bull market.
On a trading time frame, the patterns start becoming more recognizable, and point to a degree of caution in the near term. It looks like gold needs to roll over and go down to test the lows before having a chance at making another run at the highs. This fits in with the trend and position of the dollar, and likely timing on tensions in the Middle East.
This is my GOLD look ahead for my own trading purposes. trading involves risk. Feel free to comment, but trade off of this post at your own peril.