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Gold: The Key Support has been Broken

Gold has broken the key support at 1352 (see also the rising channel), invalidating the rising trend in place since 28 June. A move towards the support at 1268 is favoured as long as prices remain below the resistance at 1358 (10/09/2013 low). An initial resistance is given by the steep declining trendline (around 1350). • The decisive break below the support at 1352 indicates an increasing selling pressure and favours the start of a medium-term corrective phase. Key supports are at 1268 and 1181.