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Gold - Near 11-Week Low

Gold keeps on decreasing and broke the support at 1169 (20/03/2015 low). Another support is given at 1142 (17/03/2015 low).

In the long-term, the underlying downtrend (see declining channel) continues to favour a bearish bias. Although the key support at 1132 (07/11/2014 low) has held thus far, a break of the resistance at 1223 is needed to suggest something more than a temporary rebound. A major support can be found at 1045 (05/02/2010 low).

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