Gold (17.06.2014) lower as per our last report & fall to $1240 area.However a bounce was very much needed from $1240 support zone & it is here.
Now gold is trading around $1271 mark & as we can see on charts, gold retested the upper tradeline of minor descending channel & placing a bearish candlestick pattern once again which suggest for the long term bearish move to continue in coming weeks. However there is minor possibility of retesting the the broken tradline around $1310. Meanwhile a failure to close above 61.8% feb correction & bearish candlestick pattern hinting for a downside move ahead.
On fundamental side, global tension still supporting the price but lack of fresh updated may vanish the effect.
Based on above studies, we will prefer to sell gold for possible targets around $1240 & then $1213. Only a day close above $1310 will force us to reanalyze the charts.