XAU/USD (gold) : Take up of the medium term bullish trend
--- Follow up analysis ---
The pair XAU/USD (Gold) felt on friday below 1760 points. The price has also validated a return below the midline of its medium term bullish channel (purple lines) and found support just above 1740 points after a bearish rally.
We are neutral between 1740/1760 points and we advise to wait an exit of this range to take position:
- Long in case of return above 1760 points. The breakout of 1780 points will give a new buy signal
- Short if 1740 points is broken. The next support at 1720 points. The breakout of this level will open the way for a test of the major support at 1700 points.
NB: The gold could also be trade according to 1750 points (long above and short below) for traders with a more agressive strategy
Analysis published by Vincent, the 10/15/2012 at 11h30 GMT+2
Chart of the pair XAU/USD (Gold)- Timeframe 4H
Chart of the pair XAU/USD (Gold)- Timeframe 1H
|XAU/USD (Gold) Live Chart - Timeframe : 1h|