GOLD Intraday Technical analysis 2011-10-05

Gold is currently testing the intermediate resistance of its medium term trading range in 1636 suggesting a decline . However a break of these levels would allow it to reach the upper limit of its trading range to 1677.
According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1636 with a 1st objective of 1646, then 1650. A break in 1634 would invalidate this scenario.