Forex - XAU/USD (Gold) Technical Analysis
November 28, 2012 1:11 AM EST
|XAU/USD : 1700 points are giving support, take up of the bullish trend?|
|--- Follow up analysis ---|
The gold has started on friday a bullish rally, validating the breakout of the major resistance at 1740 points (new buy signal). The movement stopped on the extension of the medium term bullish channel (dotted purple line). The price is now stabilized on 1750 points.We continue to advise long positions as far as 1730 points is support. A stay above 1740 points will comfort our bullish feeling. The breakout of 1750 points will give a new buy signal and should allow the price to test the next resistance at 1760.
In case of return below 1730 points, we will be neutral between this level and 1720 points.
Analysis published by Vincent, the 11/27/2012 at 11h30 GMT+2
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