FX.co ★ GOLD Intraday Technical analysis

The gold is currently testing the intermediate resistance of its medium term bullish channel in 1658 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1670.

Technical indicators provide sellers signals supporting the assumption of a decline in the short term. 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 indicates a bullish opportunity as soon as the gold will have broken its resistance in 1658 with a 1st objective of 1670, then 1675. A break in 1656 would invalidate this scenario.