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Gold (12.02.2013) was very volatile & finally closed below major tradeline.
Now gold is trading around 30590 ($1645) & as we can see on charts, after a long time gold was able to break below $1665 area which was providing bounce from last few weeks. The breakout came with good volume which suggest for more pain ahead. However a minor descending channel bottom is there which will force seller for some profit booking. Candlestick pattern is negative while indicators are neutral.
Based on above studies, we will prefer to sell gold around 30700-30740 ($1656-1658) area for some possible targets around 30400 ($1635) & then 30240 ($1624). Only a day close 30900( $1665) will force us to reanalyze the charts.
