Technical Analysis Gold (XAU/USD)
Gold is currently testing the intermediate support of its medium term bearish channel at 1,637 suggesting a rebound. However, a break through these levels will entail a return to the lower limit of this one to 1,600.
Gold is currently testing the intermediate support of its medium term bullish channel in 1635 suggesting a rebound. However, a breakdown of these levels will entail a return to its lower limit in the point 1600.
Gold is currently testing the upper limit of its medium term bearish channel at 1,669 and seems to initiate a decline. Nevertheless, puncture of these levels will release considerable potential and initiate a bullish trend.
Gold broke though the intermediate resistance of its medium term bearish channel at 1,645 which led to acceleration. A pull back at this level is expected before release of a large potential and reaching the upper limit of its channel at 1,672.
Gold is presenlty testing the intermediate resistance of its medium term bullish channel in 1647 pointing at possible decline. However, in case these levels are passed through, the upper limit of the channel in the point 1672 will be reached.
