FX.co ★ GOLD Intraday Technical Analysis

Gold is presently testing the intermediate resistance of the medium term bearish channel in 1664 indicating a possible decline. However, a breakdown of these levels will enable to reach the upper limit of its channel located near the point 1692.

Technical indicators provide signals for Buy-deals but as the resistance remains unbroken, the decline is likely to take place. Bollinger bands are much discarded due to the strong decline that took place these days. The situation is expetced to stabilize soon.

Proceeding from the previous situation, the market indicates a bullish opportunity as soon as the gold will has broken its resistance in 1664 with 1674 and 1680 seen as first objectives. A breakdown in 1661 will cancell this scenario.