Gold is approaching the resistance at 1303 (see also the top of the rising channel). Hourly supports are at 1268 (12/07/2013 low) and 1242 (see also the low of the rising channel). Another resistance lies at 1338. • In the longer-term, we favour a bearish bias as long as a capitulation or a proper base formation has not occurred. A long-term downside risk is likely given by the key support area between 1045 (05/02/2010 low) and 1027 (29/10/2009 low). A first support is given by 1157 (28/07/2012 low). The resistance area between 1303 and 1338 is expected to hold. (full story)