FX.co ★ GOLD Intraday Technical Analysis

Gold is currently testing the upper limit of its medium term bearish channel at 1,669 and seems to initiate a decline. Nevertheless, puncture of these levels will release considerable potential and initiate a bullish trend.
Technical indicators provide sell-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 will provide a bullish opportunity as soon as gold has broken through its resistance at 1,669 with the 1st objective of 1,680 and then of 1,685. A break through 1,666 will invalidate this scenario.