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Gold - Pushing Lower

Gold is moving downward. Hourly resistance is given at 1168 (24/08/2015 low). Hourly support can be found at 1093 (Stronger support can be found at 1109 (11/08/2015 low). The technical structure suggests a downside momentum.

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 been broken, 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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