Monday, April 9, 2012

GOLD Intraday Technical Analysis 2012-04-09

 Gold is presenlty testing the intermediate resistance of its medium term bullish channel in 1647 pointing at possible decline. However, in case these levels are passed through, the upper limit of the channel in the point 1672 will be reached.
Technical indicators do not provide clear signals but as the resistance remains unbroken, the assumption of a decline is true. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
Considering previous situation, the market indicates a bullish opportunity as soon as the gold will has broken its resistance in 1647 with 1st objectives seen at 1660 and 1665 levels. A breakdown  in 1644 will reverse this scenario.

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