|XAU/USD (gold): Without a trend on the short and medium term|
|At the beginning of May, we see the pair XAU/USD has shaped a symmetrical triangle of bottoms letting us think that the bearish movement should pursuit.|
To stay close to our last analysis, we are neutral between 1580 and 1600 points. We advise to wait an exit of this range to take positions:
Most agressive traders could trade the gold according to the key level at 1590 points.
Analysis published by Vincent, the 08/20/2012 at 12h00 GMT+2
Updated the 08/22 - The pair XAU/USD (gold) has validated yesterday the breakout of the resistance at 1620 points, offering a new buy signal. The bullish rally stopped on the next resistance at 1640 points. This level is currently tested. We maintain to trade only long positions as far as 1620 points is support. The breakout of 1640 points will give a new buy signal and will open the way towards 1650/1660 points. In case of return below 1620 points, we will advise traders to wait the breakout of 1610 points to trade short positions. Most agressive traders could trade the pair according to 1620 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|