GOLD Intraday Technical analysis
The gold is currently testing the lower limit of its medium term bullish channel in 1720 suggesting a rebound. However a break of these levels would free a large potential and entail a new trend.
RSI do not provide clear signals but until that the support is not broken the assumption of a rebound 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 indicates a bullish opportunity on the levels of 1720 with a 1st objective of 1730, then 1735. A break in 1718 would invalidate this scenario.
The material has been provided by Instaforex Company – instaforex.com
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