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Tuesday, May 1, 2012

GOLD Intraday Technical Analysis 2012-05-01



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Gold is currently testing the upper limit of its medium term bearish channel at 1668 and is expected to decline. However, a breakdown these levels will reveal significant potential and initiate a violent bullish trend.
Technical indicators provide sellers signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded due to the strong increase these days. SThe situation is expected to stabilize soon.
According to previous events the market will provide a bullish opportunity as soon as the gold has broken through its resistance level 1668 with 1678 and 1682 seen as targets. In case of 1665 level breakdown the proposed scenario will be cancelled.
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