Gold has bounced off the lower limit of the bullish channel at 1388 and reached its short-term resistance level at 1394. A breaktghrough of this zone will result in an acceleration towards its intermediate resistance level to 1404.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1394 with a 1st objective of 1404, then 1410. A breakout in 1392 would invalidate this scenario.
