GOLD Intraday Technical Analysis 2012-04-20

 Gold is currently testing the intermediate support of its medium term bearish channel in 1632 and is expected to rebound. However, a breakdown of these levels will result in decline towards its lower limit 1595.
Technical indicators do not provide clear signals but as long as the support level remains unbroken, the rebound is likely to take place. 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 at levels of 1632 with 1642 and 1645 seen as first targets. A breakdown in 1629 will reverse this scenario.

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.