Decline Has $1242.5-$1240.9 As Next......>

GOLD TECHS: Decline Has $1242.5-$1240.9 As Next Potential Target Zone

*RES 4: $1270.4 Nov 30 low, now resistance

*RES 3: $1263.8 Oct 27 low, now resistance

*RES 2: $1260.7 Oct 6 low, now resistance

*RES 1: $1254.5 Hourly resistance

*PRICE: $1249.5 @0534GMT

*SUP 1: $1242.5 1.618x $1299.3-$1270.4 from $1289.3

*SUP 2: $1241.9 1.618 swing of $1263.8-$1299.3

*SUP 3: $1240.9 76.4% Fibo of $1204.8-$1357.7

*SUP 4: $1232.6 1.618 swing of $1260.7-$1306.1

*COMMENTARY* Having lost key support from $1262.3 and $1260.7 earlier last week,

the pace of the fall quickened. This now sees congested support from between

$1242.5 and $1240.9, as the next potential target area and a brake against a

deeper $1232.6 decline. Resistance meanwhile, comes initially from $1254.5,

above which a succession of recent lows now combine to form an umbrella of

resistance above.