Monday, June 20, 2011

Gold Price (XAU/USD Technical analysis - 20 June 2011

Gold is currently testing the upper limit of its medium term bearish channel  at 1543 and seems to start a decline. However a break of these levels would free up significant potential and initiate a new trend.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1543 with a 1st objective of 1553, then 1555. A break in 1541 would invalidate this scenario.

 Performed by Albert Fitoussi, Analytical expert, InstaForex