GOLD Intraday Technical analysis 2011-10-06

Gold is currently testing the intermediate resistance of its medium-term bullish channel  in 1651 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1681.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1651 with a 1st objective of 1661, then 1665. A break in 1649 would invalidate this scenario.