XAU/USD : 1700 points are giving support, take up of the bullish trend?
--- Follow up analysis ---
The pair XAU/USD (Gold) has validated on friday the breakout of 1700 points, offering a strong sell signal. The price is currently testing the next support at 1675 points and is moving far away from its long term bullish channel (purple lines).
We advise to trade only short positions as far as 1710 is resistance. The breakout of 1675 points will give a new sell signal and will allow the price to pursuit its movement towards 1650 points.
In case of return above 1710 points, we will be neutral between this level and 1720 points.
NB: Traders with a more agressive strategy could also trade the pair according to 1700 points (long above and short below).
Analysis published by Vincent, the 11/05/2012 at 11h30 GMT+2
Chart of the pair XAU/USD (Gold)- Timeframe 4H
Chart of the pair XAU/USD (Gold)- Timeframe 1H
For more reports, go to Forextribe
Join the Discussion