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Gold - Short Term Bearish

Gold has consolidated lower but the shortterm technical structure is negative. Hourly resistance is given at 1205 (18/06/2015 high). Hourly support can be found at 1093 (12/08/2015 low). Expected to show continued weakness.

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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