Gold is presently testing the intermediate resistance of its medium term bearish channel at 1 594 and looks like making a decline. Nevertheless, a puncture of these levels will provide potential and the pair will be able to reach the upper limit of this one to 1 620.
Technical indicators provide sell-signals and until 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 gold has broken through its resistance of 1 594 with the 1st objective at 1 605 and then at 1 610. A break through 1 591 will invalidate this scenario.
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