Tuesday, August 9, 2011

GOLD Intraday Technical Analysis - August 9, 2011

Gold has broken the intermediate resistance of its long-term bullish channel leading to an acceleration and approach the upper limit of this one to 1820. A decline is possible on these levels. However a break of this zone would initiate an bullish trend more violent.

According to previous events, the market indicates a bearish opportunity on the levels of 1820 with a 1st objective of 1760, then 1730. A break in 1830 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

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