XAU/USD (Gold) analysis of the week (4h candlesticks)

By IBTimes Staff Reporter | February 09 2010 4:42 AM

The gold is currently making a slight correction, using the lowest of january 28th and 29th as resistance. The parity is still moving into a bearish channel (blue lines). It now possible for us to advise to trade only short positions as far as the price is below 1080 (resistance). A break out of 1080 will allow the price to get back on 1100. However, if 1050 is broken, a new sell signal will be given.

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