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GOLD Intraday Technical Analysis

2012-03-27 13:34:27 (читать в оригинале)

 

Gold is currently testing the upper limit of its medium term bearish channel in 1694 and is likely to decline. However, a breakdown of these levels will reveal significant potential and initiate a bullish trend.

Technical indicators provide signals for BUY-deals; location near the overbuy zone confirms the assumptions of a decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

Proceeding from the previous situation, the market indicates a bullish opportunity as soon as the gold will has broken its resistance in 1694 with 1st objectives seen at 1705 and 1710 levels. A breakdown in 1691 will cancel this scenario.

 

The material has been provided by Instaforex Company - instaforex.com