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.