Gold is bouncing near the key support at 1181. An initial resistance lies at 1210 (intraday high), while a more significant resistance stands at 1227 (19/12/2013 high).

In the longer term, we continue to view the rise from 1181 (28/06/2013 low) as a counter-trend move within an underlying bearish trend. Therefore the test of the key support at 1181 is seen as the minimum downside risk. Another key support stands at 1045 (05/02/2010 low). A first key resistance is given by the medium-term declining channel (around 1305).

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