Decline Continues, $1246.9 Now...........>

GOLD TECHS: Decline Continues, $1246.9 Now Protects Against $1236.6 Return 

*RES 4: $1282.2 May 21 low, now resistance

*RES 3: $1276.6 Jun 20 high

*RES 2: $1272.7 Jun 22 high

*RES 1: $1261.2 Jun 21 low, now resistance

*PRICE: $1251.8 @0910GMT

*SUP 1: $1246.9 3 month bear channel base projection

*SUP 2: $1236.6 Dec 12 low

*SUP 3: $1226.2 Equality fall from $1309.4 to $1365.4-$1282.2

*SUP 4: $1215.7 61.8% Fibo of $1122.6-$1380

*COMMENTARY* Lost support from the key $1286.6-$1286.1 area last month which

raised concerns. This the rising support line at the time, from the December

2016 lows and the 61.8% Fibo retrace level of this year's $1236.6-$1366.2 rise.

Below and with the $1267.2-$1262.3 supports now exceeded, the risk is for a test

to the 3 month channel base at $1246.9. Resistance $1261.2-$1272.7 keeps focus

lower. The Dec 12 low at $1236.6 is next on the agenda below $1246.9.