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Friday, February 17, 2012

GOLD Intraday Technical analysis 2012-02-17


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The gold is currently testing the intermediate resistance of its medium term bearish channel in 1735 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1747.
Technical indicators don't give clear signals but are approaching the overbought zone suggesting a decline. 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 1735 with a 1st objective of 1745, then 1747. A break in 1733 would invalidate this scenario.
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