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Gold is currently testing the intermediate support of its medium term bearish channel at 1 594 suggesting a rebound. However, a breakthrough this level will trigger a decline to the lower limit 1 540.
Technical indicators do not provide clears signals but until the support is not broken, the assumption of a rebound is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market will provide a bullish opportunity at the level of 1 594 with the 1st objective at 1 605 and then at 1 610. A breakthrough 1 591 will alter this scenario.
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