Thursday, August 4, 2011

GOLD Intraday Technical Analysis - August 4, 2011

Gold is currently testing the upper limit of its medium-term bullish channel in 1674 suggesting a decline. However a break of these levels would initiate a bullish trend more violent.

According to previous events, the market indicates a bearish opportunity on the levels of 1674 with a 1st objective of 1663, then 1660. A break in 1676 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

InstaForex Companies Group © 2007-2011