XAU/USD : 1700 points are giving support, take up of the bullish trend?
--- Follow up analysis ---
The Gold has validated yesterday a return below 1720 points and is currently testingthe support at 1710 points. The price is now moving into a short term bearish channel (pink lines in h1).
We advise to trade the pair outside the range 1710/1720 points :
- Only long positions above 1720 points. The breakouts of 1730 and 1740 will both give a new buy signal
- Only short positions below 1710 points. The breakout of 1700 points will give a new sell signal and will open the way towards 1675 points.
Analysis published by Vincent, the 11/16/2012 at 11h00 GMT+2
Chart of the pair XAU/USD (Gold)- Timeframe 4H
Chart of the pair XAU/USD (Gold)- Timeframe 1H
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