Gold is currently testing the intermediate resistance of its medium term bearish channel at 1,605 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 1,632.
Technical indicators do not provide clear signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the gold has broken through its resistance of 1,605 with the 1st objective at 1,615 and then at 1,620. A break through 1,602 will invalidate this scenario.
Performed by Mark S Zathen, Analytical expert
AS FOREX Group © 2011-2012
Performed by Mark S Zathen, Analytical expert
AS FOREX Group © 2011-2012
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