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Technical Analysis
Technical & Fundamental Analysis on one of the Most traded pairs
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[QUOTE="Avinash, post: 27102, member: 14722"] [IMG]http://i41.tinypic.com/15hmwsy.png[/IMG] Attached is the hourly chart on Gold (XAUUSD) before the trendline broken. [B][U]Technical Data:[/U][/B] As you can see that the Gold has been moving within the triangular pattern range and the gaps has been narrowing till 3rd April waiting for a breakout to happen. [IMG]http://i41.tinypic.com/2jaezrm.png[/IMG] The Triangle has been broken as it broke the support level which fell further. Both Technical data and Fundamental Data helped the Gold to fall against the Dollar. The best way to trade with a triangle pattern is to either wait for it to bounce from the support/resistance level & take a counter position or wait for it break the support or resistance level & follow the trend position. [U][B]Fundamental Data:[/B][/U] Dollar index soared after the Federal Open Market Committee (FOMC) Minutes further dampened the hope for the 3rd round of Quantitative Easing. As per the last meeting from the Fed Chairman Ben Bernanke who said that the job market was slow and the economy will have to do exceptionally well to improve the employment sector in US. The minutes showed Fed Policy makers a change in the minds for additional stimulus. In March meeting, a couple of members indicated that initiation of additional stimulus would become necessary if the economy lost momentum. Gold slipped more than 2% against the greenback from the high of 1682 to 1638$ an ounce. [/QUOTE]
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