FX.co ★ GOLD Intraday Technical Aalysis

Gold broke the upper limit of its medium term bullish channel in the point 1,687 resulting in acceleration. A pull back on these levels is to take place before the resumption of the bullish tendency.

Technical indicators do not provide any signals for SELL-deals but the evolvement in the overbuy zone confirms the possibility of a decline in the nearest future.

Taking into account previous events, the market shows a bullish opportunity at level 1,687 with its 1st objective in point 1,697 and then in 1,700. The probable scenario will be reversed in case the level 1,685 is broken down.