FX.co ★ GOLD Intraday Technical analysis

The gold is currently testing the intermediate resistance of its medium term bearish channel in 1729 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1788.

Technical indicators provide sellers signals but approaching to the oversell zone suggesting a rebound. Bollinger bands are much discarded to a result of the strong decline of these days. Stabilization is expected in the short term.

According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1729 with a 1st objective of 1740, then 1745. A break in 1726 would invalidate this scenario.