Gold has bounced slightly off 1067 yet technical structure indicates further bearish momentum. Support is given at 1045 (05/02/2015 low) and hourly resistance is given at 1110 (06/11/2015 high). Expected to show continued weakness.

In the long-term, the underlying downtrend (see declining channel) continues to favour a bearish bias. 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).

Daily Technical Report