Gold is currently testing the intermediate support of its medium term bearish channel at 1,576 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1,540.
Technical indicators provide buy-signals and approaching 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 1,576 with the 1st objective at 1,590 and then at 1,590. A break through 1,573 will alter this scenario.
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