On the daily scale wave formation is projecting new lows around mid January 2014
4 January Update:
After failing to make a new low as projected on the 2 December by $2 before the New Year gold made its high today at the intersection of a weekly ML and Monthly MLU, and closed on another monthly MLU.
Gold needs a daily close above 1232 before there is a possible bounce.
Either way we should be revisiting the low 1190′s before the 10 January.
Until Gold breaks out of the blue triangle we are again in no mans land!.