Thursday, June 16, 2011

Gold (XAU/USD) Intraday Technical Analysis - 16 June 2011

Gold (XAU/USD) Intraday Technical Analysis - 16 June 2011

Gold is currently testing the intermediate resistance of its medium term bearish channel at 1534 suggesting a decline. However a break of these levels would allow it to reach the upper limit of this one in 1545.

According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1534 with a 1st objective of 1545, then 1548. A break in 1532 would invalidate this scenario. Read more