Gold is currently testing the lower limit of its medium term bearish channel at 1,562 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bearish trend.
Technical indicators provide sell-signals but approching to oversell zone supporting the assumption of a rebound. 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 at the level of 1,562 with the 1st objective at 1,575 and then at 1,580. A break through 1,559 will alter this scenario
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