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Gold is currently testing the lower limit of its medium term bearish channel at 1,545 and is expected to rebound. However, a breakdown of these levels will release sgnificant potential and initiate a more violent bearish trend.

Technical indicators provide buyers signals and evolvement in oversell zone confirms the assumption of a rebound. Bollinger bands are much discarded due to the strong decline that took place these days. The situation is expected to stabilize soon. 

Considering previous events, the market will provide a bullish opportunity at the level of 1.545 with 1st targets seen at 1,560 and  1,565 levels. A break through 1,542 will alter this scenario.

The material has been provided by Instaforex Company – instaforex.com
Forex analysis review

Gold is currently testing the lower limit of its medium term bearish channel at 1,573 suggesting a rebound. A break through these levels will release good potential and initiate a more violent bearish trend.

Technical indicators do not provide clear signals but are evolving in oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.

According to previous events the market will provide a bullish opportunity at the level of 1,573 with the 1st objective at 1,585 and then at 1,590. A break through 1,570 will alter this scenario.

The material has been provided by Instaforex Company – instaforex.com
Forex analysis review