Gold: Monitor the Resistance at 1496
Gold has thus far failed to break the resistance at 1496 (15/04/2013 high, see also 61.8% retracement). Hourly supports can be found at 1442 (intraday low) and 1405 (23/04/2013 low).
The recent rise is viewed as a rebound within an underlying downtrend.
Indeed, gold has broken to the downside out of its long-term horizontal range defined by the support at 1523 (29/12/2011 low) and the resistance at 1803 (08/11/2011 high). The implied medium-term downside risk is 1287. A key support is at 1308 (28/01/2011 low).