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Gold is currently testing the lower limit of its medium term bearish channel at 1,632 suggesting a rebound. However, a break of these levels will release potential and initiate a more violent bearish channel.
Technical indicators do not provide clear signals but evolve in oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of the strong decline of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity at the levels of 1,632 with the 1st objective of 1,645, then 1,650. A break through 1,629 will change the plan.
