Gold's bounce is challenging the resistance at 1331. Another resistance stands at 1354. A further short-term bounce is favoured as long as the initial support at 1304 (intraday low) holds. Another support can be found at 1290 (16/10/2013 high).

In the longer term, we continue to view the rise from 1181 as a counter-trend move with an underlying bearish trend. Therefore we favour a minimum move towards the key support at 1181. A key resistance stands at 1434 (28/08/2013 high, see also the 200 day moving average).

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