Gold Technical Analysis (Spot) - Prices put in a Bearish Engulfing candlestick pattern below resistance at 1297.75, the 38.2% Fibonacci retracement, hinting a move lower is ahead. Near-term rising channel support is at 1260.04, a barrier reinforced by the 23.6% retracement at 1252.80. A break below that aims for Fib expansion support at 1228.00. Alternatively, a move above resistance sees the next upside boundary at 1334.08.
Daily Chart - Created Using FXCM Marketscope 2.0
(http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2013/07/18/Commodities_Gold_Crude_Oil_Remain_Focused_on_Bernanke_Commentary.html)
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