Wednesday, October 19, 2011

GOLD Intraday Technical analysis 2011-10-19

The gold is currently testing the intermediate resistance of its medium-term bullish channel in 1665 suggesting a decline. However a break of these levels allow it to reach the upper limit of its channel to 1700.

According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1665 with a 1st objective of 1675, then 1680. A break in 1663 would invalidate this scenario.

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