Gold has bounced off the lower limit of the bearish channel at 1371 and approached its short-term resistance level at 1389. A breakout of this zone would free up significant potential for an uptrend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1389 with a 1st objective of 1399, then 1405. A breakthrough of 1387 will invalidate this scenario.
