GOLD Intraday Technical Analysis 2012-01-05

Gold is currently testing the upper limit of its medium term bearish channel at 1632 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.
According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1632 with the 1st objective of 1645, then at 1650. A break of 1629 would invalidate this scenario.