Gold is going up to test the middle of the channel, resistance & previous high.
I think it will get rejected and be forced to test the bottom of the channel.
From there, either a correction or a new high in short time
Shorting gold for the rest of January. Possibly switching to Long on the bounce off the support line around 1150. However, if gold cuts through this support I will wait for the bounce off the bottom of the channel before going long again.
I think gold will either break through the middle of the channel this week or tumble down to it's support around 1140. Either way, I think the week of Trump's Inauguration is going to be good for gold as uncertainty builds and investors cash out their profits.
Short until gold drops to 1152, then switching to Long on the bounce.
If gold doesn't break out of the handle around 1156, switching to Short.
Short until I see a bounce off of support around 1147... If this happens i'll switch to long one last time.
OANDA:XAUUSD will bounce off of the .50 Fib around 1212, which is also a support. If I see the bounce I will be going in on AMEX:JNUG, otherwise if it breaks below this point I will be shorting it with AMEX:JDST.