XAU/USD (gold) : Take up of the medium term bullish trend
--- Follow up analysis ---
The pair XAU/USD (Gold) has faked on friday the breakout of the resistance at 1780 points. Then, the price felt on the upper band of its medium term bullish channlel (purple lines) and is now finding support on 1760 points.
We continue to advise long positions as far as 1750 points is support. The breakout of 1780 points will give a new buy signal and should open the way for a test of 1800 points.
In case of return below 1750 points, we will wait the breakout of 1740 points to advise short positions.
NB: The gold could also be trade according to 1760 points (long above and short below) for traders with a more agressive strategy
Analysis published by Vincent, the 09/24/2012 at 09h15 GMT+2
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|
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