Gold is currently testing the upper limit of its medium term bearish channel at 1,660 and seems to initiate a decline. However, a break through these levels will free significant potential and initiate a bullish trend.
Technical indicators give sellers signals and are moving in the overbought zone supporting the assumption of a decline in the short term.
According to previous events, the market indicates a bearish opportunity at the levels of 1,660 with the 1st objective of 1,650, then of 1,645. A break of 1,662 will invalidate this scenario.
