Gold from Aggressive to Control (Fri) 21-Jan-2011

While Gold has hit my 2nd target of 1344, I have a change of view on Gold market.  From aggressive short, to wait-and-see observation for intraday short opportunity.

Gold may continue to drive south to hit my ultimate target of 1330, which is a strong support line.

By the time Gold come to 1330-1310 region, I would regard it as a completion of Head and Shoulder pattern, and Gold is set to continue its uptrend to new highs.

Aggressive Short traders can consider to short if Gold retraces from current 1340 to 1360-66, SL 1371.  Looking forward to Gold hitting 1330.

I would then change my short view on Gold, to Long (Bullish) when Gold come to 1300-1294 level, while which level to long Gold depends on the momentum.