Monday, July 4, 2011

Gold (XAU/USD) Intraday Technical Analysis - July 4, 2011

Gold is currently testing the intermediate resistance of its medium term bearish channel in 1495 suggesting a decline. However a break of these levels would allow it to reach the upper limit of the channel to 1508.

According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1495 with a 1st objective of 1505, then 1508. A break in 1493 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
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