FX.co ★ GOLD Intraday Technical Analysis

Gold is presently testing the intermediate resistance of its medium term bearish channel in 1633 an is likely to decline. However, a breakdown of these levels will allow to reach the upper limit of its channel in the point 1673.

Technical indicators do not provide clear signals but as the resistance level remains unbroken, the pair is most likley to decline. Bollinger bands are much discarded due to the strong decline of these days. The situation is expected to stabilize soon.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1633 with 1645 and 1650 seen as first targets.In case the level 1630 is passed through, the proposed scenario will be invalidated .