Gold is currently testing the intermediate resistance of its medium term bearish channel at 1,575 and is about to decline. However, a break through these levels will reveal significant potential enabling to reach its upper limit in 1,610.
Technical indicators do not provide clear signals but as long as resistance is unbroken, the assumption of a decline is relevant. Bollinger bands are much discarded due to the strong decline 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 has broken through its resistance of 1,575 with the 1st objectives seen at 1,590 and 1,595 levels. In case the level 1,572 is passed through, the proposed scenario will be invalidated.
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