Gold drifted lower throughout the day, from its overnight high at 1384 to a low of 1362 and is currently trading at 1364. We see this pattern probably continuing throughout today and most of tomorrow before the release of the FOMC minutes tomorrow evening that will likely cause a knee-jerk reaction before the technical plays resume.
Gold has formed a clear uptrend since the June low at 1180, with the top and bottom of the uptrend channel at 1400 and 1300 respectively. With price at 1361 there is resistance at 1384 and again at 1400, beyond which there is further key resistance at 1415 and 1425 – a breakthrough here would see prices rise towards 1500 and 1525.
Below us there is support at 1358, 1348-50, 1341-43, 1325-28, 1315 and 1300; beneath which there is further support at 1270, 1245 and 1200.