The recent bounce has thus far been weak.
• Gold has broken the key support at 1352 (see also the rising channel), invalidating the rising trend in place since 28 June. Monitor the initial support at 1305. A move towards the support at 1268 is favoured as long as prices remain below the resistance at 1336. Another resistance stands at 1358 (10/09/2013 low).
• 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.

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