GOLD Intraday Technical Analysis 2012-01-06

Gold is currently testing the upper limit of its medium term bearish channel at 1,629 and seems to start declining. However, a break through these levels will free up significant potential and initiate a bullish trend.
According to previous events, the market will indicate a bullish opportunity as soon as gold price has broken its resistance at 1,629 with the 1st objective of 1,640, then of 1,645. A break of 1,627 will invalidate this scenario.