Gold further declined last Friday. Prices are now testing the strong support at 1181. A shortterm rebound is likely. Hourly resistances can be found at 1204 (30/09/2014 low) and 1223 (29/09/2014 high).

In the long-term, the underlying downtrend and the recent 4-year lows in silver favour an eventual break of the strong support at 1181. Other supports can be found at 1157 (28/07/2010 low) and 1045 (05/02/2010 low). Resistances can be found at 1243 (16/09/2014 high) and 1278 (04/09/2014 high).

Daily Technical Report