Gold is currently testing the intermediate resistance of its medium term bearish channel at 1,583 and seems to initiate a decline. However, a break through these levels will give good potential and the pair will be able to reach the upper limit of this one - 1,614.
Technical indicators do not provide clear signals but until the resistance is not punctured the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline 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 1,583 with the 1st objective at 1,595 and then at 1,598. A break through 1,580 will alter this scenario.
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