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GOLD Intraday Technical Analysis

2012-07-04 13:04:01 (читать в оригинале)

 

Gold is currently testing the upper limit of its medium term bearish channel at 1,626 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.

Technical indicators provide buy-signals but approaching to overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.

According to previous events the market will provide a bullish opportunity as soon as the gold has broken through its resistance of 1,626 with the 1st objective at 1,640 and then at 1,645. A break through 1623 will invalidate this scenario.

The material has been provided by Instaforex Company - instaforex.com