XAU/USD Signal- December 18, 2012

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By: DailyForex.com

Currency: XAU/USD
Trend Expected Direction: Flat
Method: Ichimoku, Technical Analysis
Description: XAU/USD formed a hammer after bouncing off of the bottom line of a triangle. I believe the 1694 level will remain as a strong support during this week. 30M and 1H charts are turning bullish as well.
Recommendation: Long
Target Area: 1693.50
Stop-Loss: 1711

XAUUSD Signal 121812

Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.