|XAU/USD (Gold) : Medium term bearish channel|
--- Follow up analysis ---
The pair XAU/USD (Gold) has validated this night an output of its bearish channel (orange lines on the chart). The return of the price above 1670 points gave us a first buy signal and the breakout of 1680 points this morning then offered a new buy signal.
I advise traders to trade the pair outside the range 1670/1680 points:
- Only long positions above 1680 points. A breakout of 1690 points will then provide a new buy signal for a return to 1700 points or higher if resistance is also broken up.
- Only short positions below 1670 points. The price should then return within its medium term bearish channel. Downward breaks of 1660 and then 1650 points will offer new sell signals for a return on the lowest at 1640 points.
|- Complete sheet of GOLD - Previous GOLD Analysis -|
|Chart of GOLD - Timeframe 4H|
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