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Jul 31
XAU/USD(Gold) Analysis - June 13, 2011: Testing Level 1523.80, Beware Rebound
Monday, 13 June 2011 04:21

Yesterday: Open 1543.00 High 1545.10 Low 1525.70 Close 1533.40

Yesterday since the end of European trading session, the movement of gold plummeted to the range of 1400 pips. Even through the first support level at 1535.00 and the decline continues up to 500 pips from the second support level at 1530.70.

Currently seen the Golden still in bearish conditions.

There is no focus on economic data today for XAU / USD. 

20110613_xau

If still experiencing rising trend line continues through the diagonal, then the price will open up opportunities to a level of 1542.20.

We recommend that if the price decline continues then the opportunity to level 1523.80

Prices shown on the graph H1 line MA05 and MA10 in the tangent

While the Stochastic indicator indicates there are still opportunities to penetrate a bullish long diagonal trend line in the Stochastic indicator.