GOLD Intraday Technical analysis 2012-02-15

The gold is currently testing the intermediate resistance of its medium term bearish channel in 1730 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1741.
Technical indicators provide sellers signals supporting the assumption of a decline in the short term. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1730 with a 1st objective of 1741, then 1745. A break in 1728 would invalidate this scenario.