Gold retreated yesterday, though failing to hit our short support target at 1920 as it based around 1928 before recouping losses on the back of an unexpected rise in jobless claims confirmed the Fed’s view concerning the uncertainty of economic recovery. Further downside is looking more favorable on the back of the latest death cross (50 period SMA crossing the 200 period SMA from above) with an hourly close below 1945 support level to confirm bearish momentum.
Support: 1945 / 1928-1920
Resistance: 1960 / 1980
