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Short

XAUUSD Analysis 08/09/14

FX:XAUUSD   Gold Spot / U.S. Dollar
167 0 3
Continuation of 28/08/14 ---

As previously discussed, the price of Gold             formed a Triangle Pattern . This triangle pattern that was mentioned before was already broken. The price broke below the pattern which indicated that the market wants to go lower. As can be seen in the chart, there is a medium term significant area which is at the 1270 level. After the price broke below the Uptrend Support, the price stayed below this 1270 level. This confirms that the market really wants to go lower. It would be a good opportunity to go Short here before the market continues to go down.

Trade well.
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