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                Abu Dhabi,  Jul 29, 04:32

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Strategy of the day on GOLD
21/02/2013 09:21:45 AM GMT 

 Gold approaches the lower limit of its medium-term bearish channel at 1,557 suggesting a rebound. However, a break of this level will free a large potential and initiate a more violent bearish channel.Technical indicators provide sell signals, but until the support is not broken the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in the short term.Gold is currently testing the lower limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a rebound where we recommend a buy on the level of 1,557 with the 1st objective at 1,567 and then at 1,570. A breakthrough of 1,554 will invalidate this scenario. The second scenario is a break of its support where we advise a “sell stop” which means to sell gold as soon as it is broken through its support of 1,557 with the 1st objective at 1,547 and then at 1,544. A breakthrough of 1,560 will invalidate this scenario.Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him. Performed by Albert Fitoussi, Analytical expertInstaForex Group © 2007-2013Share Back to the list More articles by this author

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