Gold - Erasing Recent Gains
Gold is declining sharply, but not invalidating the recent technical improvements. Hourly support is given at 1206 (11/02/2016 low) and daily resistance can be found at 239 (12/02/2016 high). Break of 1191 would erase current bullish technical structure.
In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).