Gold is currently testing the intermediate resistance of its medium term bullish channel at 1,583 and is expected to decline. However, a breakdown of these levels will release significant potential enabling to reach its upper limit in 1,620.
Technical indicators provide buyers signals but as long as the resistance level is unbroken, it is very likely to decline. Bollinger bands are much discarded due to the strong increase that took place these days. The situation is expected to stabilize soon.
According to previous events the market will provide a bullish opportunity as soon as the gold will has broken through its resistance of 1,583 with 1,595 and 1,598 seen as first objectives. A breakthrough 1,580 will invalidate this scenario.
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