XAUUSD Analysis 02/10/14

FX:XAUUSD   Gold Spot / U.S. Dollar
265 1 1
Long term trend: Up
Medium term trend: Down
Significant Levels: 1416 (Horizontal Resistance), 1187 (Horizontal Support), 1270 (Medium term Significant Area)

This is the same chart as before. There's not much of a change with the previous analysis. Still, the market is down. As can be seen in the chart, the price formed a small Descending Triangle pattern which is normally Bearish . This indicates that we could see the price to go down further. The interesting part here, as also mentioned in the previous analysis, is that when the price reached the 1187 Support level . The price action that would form in this level is important because I think that this support is a solid one. Therefore, if the price breaks this level and decline further, the downtrend would be more confirmed. It is likely that the price will consolidate at this level before making its big move (either up or down).

There's nothing much here except the Triangle pattern that formed. Those who want to take advantage of this pattern should put a Short trade after the breakout happened. It is logical to put the Profit Target just above or at the 1187 level. This is not a very good trade, but could be successful.

Trade well.
thanks investor I Iove it
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