GOLD Intraday Technical analysis 2011-10-31

Gold is currently testing the lower limit of its medium term bullish channel in 1706 suggesting a rebound. However a break of these levels would free a large potential of drop and initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1706 with a 1st objective of 1722, then 1733. A break in 1703 would invalidate this scenario.