|XAU/USD : 1700 points are giving support, take up of the bullish trend?|
--- Follow up analysis ---
The gold has validated yesterday the breakout of 1700 points, offering a new sell signal. The price continues to move below its medium term bullish slant (brown line). Currently, the gold is trying to find support on 1690 points (1685 in extension).
We advise to trade only short positions as far as 1710 points is resistance. A stay below 1700 points will comfort our bearish feeling. The breakout of 1685 will give a new sell signal and should open the way towards 1675 points.
In case of return above 1710 points, we will wait the breakout of 1720 points to advise long positions.
Analysis published by Vincent, the 12/06/2012 at 10h30 GMT+1
|Complete sheet of the pair XAU/USD (Gold) - Previous XAU/USD (Gold) Analysis|
|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|