|GBP/USD Intraday Technical Analysis|
|GBP/JPY Elliott wave count and Fibonacci levels for June 20, 2012|
Gold is currently testing the upper limit of its medium term bearish channel at 1,633 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide sell-signals and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the gold has broken through its resistance of 1,633 with the 1st objective at 1,645 and then at 1,650. A break through 1,630 will invalidate this scenario.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Albert Fitoussi
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