At the moment Gold is testing the intermediate support of its medium term bearish channel at 1,538 and is likely to rebound. However, a breakdown of these levels will release significant potential enabling to reach its lower limit in 1,491.
Technical indicators provide sellers signals but as long as support is unbroken, the assumption of a rebound is relevant. Bollinger bands are much discarded as a result of a strong decline these days. The situation is expected to stabilize in the nearest future.
According to previous events the market will provide a bullish opportunity at the level of 1,538 with the 1st targets seen at 1,550 and 1,555 levels. A breakthrough of 1,535 will cancel this scenario.
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