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Gold broke the lower limit of its medium term bullish channel at 1,645 leading to acceleration. A pull back at these levels is expected before a resumption of bearish movement and it will release large potential.
Technical indicators provide sell-signals but are approaching the oversell zone supporting the assumptions of a pull back. Bollinger bands are much discarded as a result of the strong decline these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bearish opportunity at the levels of 1,645 with the 1st objective of 1,635, then 1,630. A break at 1,648 will invalidate this scenario.
