Gold is currently testing the intermediate resistance of its medium term bullish channel at 1,592 and seems to initiate a decline. However, a break through these levels will release good potential and reach the upper limit of this one to 1,645.
Technical indicators provide sell-signals and untill the resistance is not broken 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 1,592 with the 1st objective at 1,605 and then at 1,608. A break through 1,589 will invalidate this scenario.
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