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Gold Price Movement On August 05, 2010.

analytics5f2a1a319f3df.jpg

As we can see, gold price is moving in a bullish bias on the 4-hour chart. We can clearly see that the price is moving in line with an up slope channel. It is confirmed by the price movement above the Moving Average. However, gold has already broken and passed 1982.49. Now, this asset needs a downward retracement as a part of the healthy uptrend. There is a possibility that Gold will go down to 1999.07 and 1991.63 before it moves up again. Since the retracement is not significant, gold may close below the 1967.56 level.

The overall trend for Gold is Bullish.

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The material has been provided by InstaForex Company - www.instaforex.com