GOLD Intraday Technical analysis 2012-02-23

The gold is currently testing the intermediate resistance of its medium term bullish channel in 1785 suggesting a decline. However a break of these levels would free a large potential and allow it to reach the upper limit of its channel to 1813.
Technical indicators do not provide sellers signals but evolve in overbought zone suggesting a decline in the short term. Bollinger bands are much discarded to a result of the strong increase of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1785 with a 1st objective of 1795, then 1798. A break in 1783 would invalidate this scenario.