FX.co ★ GOLD Intraday Technical Analysis

Gold is currently testing the intermediate resistance of its medium term bullish channel at 1 635 and seems to initiate a decline. However, a break through these levels will release good potential and reach the upper limit of this one to 1 665.

Technical indicators provide buy signals but until the resistance is not broken the assumption of a decline is most likely. 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 the gold has broken through its resistance of 1 635 with the 1st objective at 1 645 and then at 1 650. A breakthrough 1 632 will invalidate this scenario.