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Gold: Challenging its Key Support at 1268

Gold has thus far failed to significantly rise despite the proximity of the key support at 1268. Coupled with the declining trendline, the shortterm outlook is bearish. Hourly resistances are given by 1295 (11/10/2013 high) and the declining trendline (around 1314). Another support can be found at 1209.

The medium-term technical configuration remains biased to the downside given the break of the rising channel and the longer term bearish trend. Key supports are at 1268 and 1181, while a key resistance stands at 1434.

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