Sentiment : 1650 1640
The pair XAU/USD (gold) gave us last wednesday a buy signal by validating the breakout of the resistance at 1640 points. Then, a bullish rally occur and the price is now going to test the resistance at 1680 points.
In h1, a bullish channel is leading the movement (purple lines). We continue to advise long positions as far as 1650 points is support. The breakout of 1680 will give a new buy siganl and will should allow a test of the resistance at 1700 points.
In case of return below 1650 points, we will be neutral between this level and 1640 points. The breakout of this last level will allow us to advise short positions.
Analysis published by Vincent, the 08/27/2012 at 09h10 GMT+2
Chart of the pair XAU/USD (Gold)- Timeframe 4H - Zoom in :
Chart of the pair XAU/USD (Gold)- Timeframe 4H - Zoom out: