GOLD Intraday Technical Analysis 2012-02-29

Gold is currently testing the intermediate resistance of its medium term bullish channel in 1,792 suggesting a decline. Still puncturing through these levels will allow it to reach the upper limit of its channel to 1,827.
Technical indicators don't give clear signals but are approaching the overbuy zone suggesting a decline. 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 will show a bullish opportunity as soon as gold has broken its resistance at 1,792 with the 1st objective of 1,802, then 1,810. A break though 1,789 will invalidate this scenario.