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Gold is currently testing the intermediate resistance of its medium term bullish channel at 1 633 and seems to initiate a decline. However, a breakthrough these levels will release good potential and reach the upper limit of this one to 1 658.
Technical indicators do not provide clears signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market will provide a bullish opportunity as soon as the gold has broken through its resistance of 1 633 with the 1st objective at 1 645 and then at 1 650. A breakthrough 1 630 will invalidate this scenario.
