Gold is declining sharply. It is approaching its recent low and key support at 1636. A successful test is needed to suggest the start of a potential base formation. Hourly resistances can be found at 1654 (intraday high) and 1671 (02/01/2013 low). • Gold is in a secular uptrend with strong support at 1523. Monitor the strong resistance area between 1791 and 1803. (full story)