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Gold is currently testing the upper limit of its medium term bearish channel at 1 582 and seems to initiate a decline. However, a break through these levels will release a good potential and initiate a violent bullish trend.
Technical indicators provide sell signals, but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of strong increase these days. Stabilization is expected in a short term.
According to previous events, the market will provide a bullish opportunity as soon as the gold is broken through its resistance of 1 582 with the 1st objective at 1 595 and then at 1 600. A break through 1 579 will invalidate this scenario.
