Hello Traders,
Several scenarios are still open in GOLD futures and today it looks like the future is following scenario 1 (see below picture).
Price found support at the 1,270 area while my model of Program Trading was anticipating slighly lower levels of support starting at 1,265.
Price could now just continue higher into the next resistance area starting at 1,380 (scenario 1). However we could also see a further correction into the support area between 1,245 and 1,265.
Gold currency futures daily chart, August 8th 2013
Below 1,265 GOLD could revisit previous lows (scenario 2).
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Fibonacci Stalking 