Gold is approaching the upper limit of its medium term bearish channel to 1509 suggesting a decline in the short term. However a break of these levels would reach the upper limit of its bullish channel in 1535.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1509 with a 1st objective of 1521, then 1535. A break in 1507 would invalidate this scenario.