XAU/USD (GOLD) Technical Analysis

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February 27, 2013 12:23 AM EST

Forextribe
Updated the:
02/26/2013
XAU/USD (Gold) : Medium term bearish channel

Sentiment :

1620

1600

--- Follow up analysis ---
The pair XAU/USD (Gold) is back this morning on the resistance at 1600 points.
The price has validated yesterday a return above the first center line of its medium term bearish channel (orange lines on charts).
On the short term, the correction is led by a bullish slant (purple segment).

I advise traders to trade only short positions as far as the price will be located below 1600 points.
A return below 1580 points will strengthen our bearish sentiment. A break of 1560 points would provide a new sell signal for an extension of the bearish rally towards 1550 points.

In case of return above 1600 points, I would then advise traders to wait for a breakout of 1620 points before trading long positions.

Full analysis
Analysis published by Vincent, the 02/26/2013 at 10h30 GMT+2

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