Gold Trading Recommendation (23/12/2013)

Gold moved slightly higher on Friday, after testing the 1.618 extension level for the BC leg of an ABCD formation, where the patterns completes near the major low at 1180.00. Accordingly, there is a potential for an upside correctional rebound this week, so long as 1180.00 low is intact over daily closing basis. A break below 1180.00 clears the way to resuming the overall bearish trend.

Support:     1190.00, 1180.00, 1165.00, 1155.00, 1150.00
Resistance: 1200.00, 1210.00, 1220.00, 1230.00, 1243.00

Gold Trading Recommendation (23/12/2013) Long above 1185.00, targets at 1200.00 and 1220.00. Stop loss below 1170.00.