Gold should bounce off the 1305-1307 level off a measured move of triangle breakout and 50% fib from june low to august high. Strong daily close below this level and price could head down to the 61.8 fib at 1277
oh sorry, didn't get notified that you posted a comment. TV is still buggy, it seems. honestly, i don't think it is so much this piece of news that 'caused' the move today, but rather the somewhat better economic #s coming out of the US, which leads many to believe that the Fed will have little choice but to taper. that being said, it doesn't mean it's got to happen in October by any means. personally, i just completely ignore the news and use the contextual parameters with which i frame the price action to decide when to buy or sell. sometimes, i trigger on M1/M3/M5 for 20 to 70 pips. reload and do it again in the same session. or let it run at news time for a couple 100 pips. either way, there is way to make some $.
don't even think that because if you believe it, then it becomes reality. we all have the capability to do this properly. for ex, the turtle experiment. now, as regards my 'contextual parameters,' what i meant by that is the set of studies and overlays i use to frame price action and thus define a PA (price action) context that makes sense to me. not always right of course, but personally i can't trade off naked charts like some people do.