Gold is currently testing the intermediate support of its medium term bearish channel at 1,552 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1,508.
Technical indicators do not provide clears signals but are approaching the oversell zone supporting the assumption of a rebound. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events the market will provide a bullish opportunity at the level of 1,552 with the 1st objective at 1,565 and then at 1,570. A break through 1,549 will alter this scenario.
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