Gold – confluence of support around $1191

Support - $1207, $1200, $1191 (Oct 2015 high + rising trend line drawn from Dec 17 low and Jan 14 low)

Resistance - $1219, $1225.61, $1235

• Gold’s consecutive failure to take out daily 100-MA hurdle earlier this week followed by lower tops formation on the hourly chart indicates prices could have another go at psychological support level of $1200.
  

• A violation there would open doors for a slide to critical support at $1191. Bulls need to defend this or else risk being crowded out of the market.
  

• On the higher side, a break above $1220 would signal a possible rise to $1230 levels.