The pair XAU/USD (Gold) is trying a new pullback on 1660 points as resistance
The price is back in its bearish channel (orange lines on the chart).

We advise traders to trade only short positions as far as the price will be located under 1670 points. The maintaining of the price below 1660 points will strengthen our bearish sentiment. The downward breaks of 1650 and then 1640 points will then offer new sell signals for an extension of the downtrend towards 1620 points or lower level if it is broken down.

In case of return over the price above 1670 points, then I will advise traders to wait for a breakout of 1680 points before trading long positions.

The pair XAU/USD (Gold) faked on Tuesday a downtrend channel output to go stumbling on the resistance at 1690 points in strength. Then, the price has plunged sharply yesterday, confirming the downward breaks of 1670/1660/1650 points. The price is currently testing the next support located at 1640 points (which act as support at the end of 2012).
This bearish rally allows the price to get back into its bearish channel (orange lines on the chart).

I advise traders to trade only short positions as far as the price will be located below 1660 points.
A stay below 1650 points will comfort our bearish sentiment. A break of 1640 points will then provide a new sell signal for an extension of the bearish rally towards 1600 points. Levels at 1630/1620/1610 levels may provide support for a correction of the gold before it reaches 1600 points.

In case of return above 1660 points, then I will advise traders to wait for a breakout of 1670 points (downtrend channel output) before trading only long positions.

The pair XAU/USD (Gold) is back above the 1660 points and is currently testing the upper line of its medium term bearish channel (orange lines on the charts).

I advise traders to remain flat on Gold as far as the price will be located between 1660 and 1670 points. I advise to wait an exit of this range to take position:

- Only short positions if 1660 points is broken. Downward breaks of 1650 and then 1640 points will then offer new sell signals for an extension of the downtrend.

- Only long positions above 1670 points. Upward Breaks of 1680 and 1690 points will give new buy signals for an extension of the bullish movement.

The pair XAU/USD (Gold) has continued its bearish rally yesterday and validated the downward breaks of 1680/75/70 will offer new sell signals. The price has found support twice on 1665 points and is trying this morning a little correction.

I advise traders to trade only short positions as far as the price will be located below 1675 points.
A stay below 1670 points will strengthen our bearish sentiment.
The downside breakout of 1665/60 would offer new sell signals for an extension of the downtrend towards 1650 points or lower if this level is also broken.

In case of return above 1675 points, then I would advise traders to wait for a breakout of 1680 points before trading long positions.

For several days, movements made on the pairXAU/USD (Gold) are erratic.
The price seems now to move above a short term bullish slant (purple segment on the 1h chart).

I advise traders to trade the pair outside the range 1670/1675 points:

- Only long positions above 1675 points. Upward breaks of 1680 and 1685 would then offer new buy signals for an extension of the bullish movement.

- Only short positions below 1670 points. Attention to the short term bullish slant which can still act as support. Downward breaks of 1665 and 1660 points would then offer new sell signals for a take up of the downtrend.

All draws on the pair XAU/USD (Gold) have been re-worked.
The price seems now to move within a medium term bearish channel (orange lines).
The price is currently between the two center lines of the channel.
On the short term, the downward movement is led by a bearish slant (blue line on 1H chart).

At the end of last week, the pair has started a powerful bearish rally, allowing the price to reach  the support at 1600 points. The price just made a correction of this rally and made a pullback on 1620 points.

I advise traders to trade only short positions as far as the price will be located below 1630 points.
A stay below 1620 points will strengthen our bearish sentiment. A break of 1600 points would provide a new sell signal for an extension of the bearish rally towards 1550 points.

In case of return above 1630 points, I would then advise traders to wait for a breakout of 1650 points before trading long positions.

XAU/USD 1h chart


XAU/USD 4h chart

The pair XAU/USD (Gold) is back this morning on the resistance at 1600 points.
The price has validated yesterday a return above the first center line of its medium term bearish channel (orange lines on charts).
On the short term, the correction is led by a bullish slant (purple segment).

I advise traders to trade only short positions as far as the price will be located below 1600 points.
A return below 1580 points will strengthen our bearish sentiment. A break of 1560 points would provide a new sell signal for an extension of the bearish rally towards 1550 points.

In case of return above 1600 points, I would then advise traders to wait for a breakout of 1620 points before trading long positions.

XAU/USD 1h chart


XAU/USD 4h chart

The pair XAU/USD (Gold) continues to evolve on the first mid line of its bearish channel as support (orange line on charts).
The price is trying to rebound this morning after a new test of the support at 1570 points.

I advise traders to trade only short positions as far as the price will be located below 1600 points.
A return below 1580 points will strengthen our bearish sentiment. A break of 1570 points would provide a new sell signal for an extension of the bearish movement towards 1560 points.

In case of return above 1600 points, I would then advise traders to wait for a breakout of 1620 points before trading long positions.

XAU/USD 1h chart


XAU/USD 4h chart

The pair XAU/USD (Gold) continues to move for several days between 1600 and 1620 points.
The price is above the parallel of its medium term bearish channel(orange dotted line).
On the short term, the pair is still above a bullish slant (brown segment).

I advise traders to trade the pair outside the range of 1600/1620 points:

- Stay flat between 1600 and 1620 points.

- Trade only short positions below 1600 points. Downward breaks of 1590 and then 1580 points would offer new sell signals for an extension of the downtrend.

- Trade only long positions above 1620 points. Upward Breaks of 1630 and then 1640 points would offer new buy signals for a pursuit if the bullish movement

NB: traders whose trading strategy is more aggressive could trade the pair according to 1600 points (long above and short below).

XAU/USD 1h chart


XAU/USD 4h chart

The pair XAU/USD (Gold) continues to evolve around 1600 points ...
The price made a small bullish movement yesterday and has validated the breakout of the short term bearish slant (purple segment on 1h chart).
The gold also continues to move around its medium term bullish slant (brown segment). This slant acts sometimes as support (like this time) but also as resistance.

I advise traders to trade the pair outside the range of 1600/1620 points:

- Stay flat between 1600 and 1620 points.

- Trade only short positions below 1600 points. Downward breaks of 1590 and then 1580 points would offer new sell signals for an extension of the downtrend movement.

- Trade only long positions above 1620 points. Upward Breaks of 1630 and then 1640 points would offer new buy signals for a pursuit if the bullish movement

NB: traders whose trading strategy is more aggressive could trade the pair according to 1600 points (long above and short below).

XAU/USD 1h chart


XAU/USD 4h chart