GOLD Intraday Technical analysis 2011-11-04

Gold is currently testing the intermediate resistance of its medium-term bullish channel in 1764 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1770.
According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1764 with a 1st objective of 1770, then 1775. A break in 1762 would invalidate this scenario.