Gold: Bearishness Persists
Gold has fallen below support at 1186. Indicating that recent succession of lower highs suggests persistent selling pressures. An hourly resistance lies at 1185 (23/12/2014 reaction high). Other supports stand at 1170 (22.12.2014 low) and 1143.
In the long-term, the move below the strong support at 1181 (28/06/2013 low) confirms the underlying downtrend and opens the way for further declines towards the strong support at 1027 (28/10/2009 low). A break of the strong resistance at 1255 (21/10/2014 high) is needed to invalidate this bearish outlook.