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11.05.2012 09:48 AM
GOLD Intraday Technical Analysis

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Gold is currently testing the lower limit of its medium term bearish channel at 1,577 indicating a possible a rebound. However, a break through these levels will reveal large potential and initiate a more violent bearish trend.

Technical indicators provide sellers-signals but evolvement in the oversell zone confirms the possible rebound. Bollinger bands are much discarded due to the strong decline that took place these days. The situation is expected to stabilize soon.

According to previous events the market will provide a bullish opportunity at the level of 1,577 with the 1st objectives seen at 1,590 and 1,595 levels. In case the level 1,574 is passed through, the prospect scenario wil be cancelled.

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