Gold - Bouncing Near The Support at 1147.72
Gold has bounced near recent lows at 1147.72. The declining trend-line continues to favor a bearish bias. A key support can be found at 1132 (07/11/2014 low). Resistance stands at a distant 1200 (06/03/2015 high).
In the long-term, the break of strong resistance at 1255 (21/10/2014 high, see also the 200-day moving average) indicates an improving technical structure. However, the shape of this advance still looks like a counter-trend move within an underlying downtrend (see declining channel). A key support stands at 1132 (07/11/2014 low).