Gold has broken to the downside out of its horizontal range between 1626 (04/01/2013 low) and 1695 (02/01/2013 high). The implied downside risk is 1560. An hourly resistance can be found at 1626 (broken support acting as a resistance). A key resistance is at 1654. A next support lies at 1590 (15/08/2013 low). • Gold is in a secular uptrend with strong support at 1523. A strong resistance area can be found between 1791(29/02/2012 high) and 1803 (08/11/2011 high). (full story)