Gold is currently testing the upper limit of its long-term downtrend channel at 1370 suggesting a return to the lower limit of its short-term bullish channel at 1357. However a break of this zone will to an acceleration towards the upper limit of the bullish channel at 1393.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance level at 1370 with a 1st objective of 1382, then 1393. A breakthrough of 1368 will invalidate this scenario.
