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XAU/USD (Gold) : Above the upper band of its bullish channel
Sentiment :
The pair XAU/USD (Gold) is moving above the upper band of its bearish channel (purple lines). The gold just found support on 1550 points and is currently trying to rebound on 1580 points as resistance. We think that the gold will continue its bearish rally above the upper band of its channel. The breakout of 1550 points will offer a new sell signal.

If a return above 1580 points occur, we will then advise to wait the breakout of 1600 points to advise long positions.
Analysis published by Vincent, the 07/03/2012 at 10h00 GMT+2

Update : 07/12 - The pair XAU/USD has validated a return below 1580 points, offering a sell signal and then made a pullback on this level.

The gold should now move towards the support at 1560 points. The breakout of this level will give a new sell signal and open the way towards 1540 points.

Update the 07/16 - The pair XAU/USD is back into its neutral zone between 1580 point and 1600 points. We now advise to wait an exit of this range to take position: - Long above 1600 points. The breakout of 1620 points will give a new buy signal - Short below 1580 points. The breakout of 1560 points will give a new sell signal. Traders with a more risky trading plan could trade the pair according to 1590 points.

Complete sheet of the pair XAU/USD (Gold) - Previous XAU/USD (Gold) Analysis

Chart of the pair XAU/USD (Gold)- Timeframe 4H - Zoom in :


Chart of the pair XAU/USD (Gold)- Timeframe 4H - Zoom out:


XAU/USD (Gold) Live Chart - Timeframe : 1h