XAU/USD (GOLD) Technical Analysis

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February 19, 2013 2:18 AM EST

Forextribe
Updated the:
02/18/2013
XAU/USD (Gold) : Medium term bearish channel

Sentiment :

1650

1630

--- Follow up analysis ---
All draws on the pair XAU/USD (Gold) have been re-worked.
The price seems now to move within a medium term bearish channel (orange lines).
The price is currently between the two center lines of the channel.
On the short term, the downward movement is led by a bearish slant (blue line on 1H chart).

At the end of last week, the pair has started a powerful bearish rally, allowing the price to reach  the support at 1600 points. The price just made a correction of this rally and made a pullback on 1620 points.

I advise traders to trade only short positions as far as the price will be located below 1630 points.
A stay below 1620 points will strengthen our bearish sentiment. A break of 1600 points would provide a new sell signal for an extension of the bearish rally towards 1550 points.

In case of return above 1630 points, I would then advise traders to wait for a breakout of 1650 points before trading long positions.
Full analysis
Analysis published by Vincent, the 02/18/2013 at 10h00 GMT+2

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