Gold Trading Recommendation (13/12/2013)

Gold failed to hold above 1238.00 and that makes us access the descending channel shown on graph.Gold must hold below 1218.00 to confirm negativity. Stochastic is biased to the downside and RSI is trading below 50. We expect gold to move to the downside today where the extent of bearishness depends on the breakout below 1218.00.

Support:     1220.00, 1218.00, 1211.00, 1205.00, 1196.00
Resistance: 1230.00, 1235.00, 1243.00, 1250.00, 1258.00

Gold Trading Recommendation (13/12/2013) Sell gold below 1229.00 targeting 1218.00, 1211.00 then 1196.00 and stop-loss above 1246.00