Gold has thus far successfully tested the key support at 1181 and has broken the resistance at 1219. Further short-term strength is favoured towards the key resistance at 1268 (see also the declining channel). A support lies at 1212 (intraday low).

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 1280).

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