FX.co ★ GOLD Intraday Technical Analysis

Gold is currently testing the intermediate resistance of its medium term bearish channel in 1672 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1710.

Technical indicators provide signals for Sell-deals confirming the fact that the pair is likely to decline soon. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

Proceeding form the previous situation, the market indicates a bullish opportunity as soon as the gold will has broken its resistance 1672 with 1st objectives seen at the 1682 and 1690 level. A breakdown in 1669 will cancel this scenario.