FX.co ★ GOLD Intraday Technical Analysis

Gold is currently testing the lower limit of its medium term bearish channel at 1 654 suggesting a rebound. However, a break though these levels will release large potential and entail a bearish channel more violent.

Technical indicators provides sell-signals but are approaching to the oversell zone supporting the assumptions of a rebound. Bollinger bands are much discarded as a result of a strong decline happening these days. Stabilization is expected in the short term.

According to previous events, the market indicates a bullish opportunity at the levels of 1 654 with the 1st objective of 1 665, then 1 670. A break of 1 651 will invalidate this scenario.