daytrading july 17 morning, page-12

View on gold: The $1,285 to $1,300 area and $1,120 are vital technical levels that may help support prices or push for further declines in the short term. The $1,285 price is near the 38.2 percent retracement of the rally from 2001 through 2011.

IF gold goes below $1,120 we could expect a further decline to $890.

However, a combination of resistance levels in the $1,300, $1,320 to $1,340 will probably stimulate above $1,522 but needs a more bullish outlook to continue the bull to run.