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Gold - Breaking 1200 Dollars

Gold's strong bullish momentum is consolidating. Hourly support is given at 1046 (03/12/2015 low) and hourly resistance at 1191 (15/10/2015 high) has been broken. Expected to show a deeper upside move.

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).

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