Thursday, September 29, 2011

GOLD Intraday Technical analysis 2011-09-29

Gold approach to the upper limit of its medium term bearish channel in 1660 suggesting a decline. However a break of these levels would free up significant potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1660 with a 1st objective of 1677, then 1683. A break in 1658 would invalidate this scenario.

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