Wednesday, August 17, 2011

GOLD (XAU/USD) Intraday Technical Analysis - August 17, 2011

Gold is currently testing the upper limit of its medium term bearish channel in 1790 suggesting a decline. However a break of these levels would initiate a new trend.

According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1790 with a 1st objective of 1800, then 1815. A break in 1788 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

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