Gold has been inside a trading range $1695/1640 since mid Dec, with lows at $1625 on Jan 04, pretty much as USD index has been doing too, although not with its regular natural correlation, which is negative. Instead, and since Sept '12 contract expired, in which natural negative correlation was obvious, since early Dec, correlation has been more positive than negative, something not usual.
Immediate support to the downside for Gold lies at recent fresh 5-week lows/June 06 highs $1643/0, followed by March 15-Dec 21 lows/June 16-19 highs at $1634, and Jan 04 5-month lows at $1625. To the upside, closest resistance come at Jan 28 lows $1651, followed by recent weekly-May 02 highs/Nov 06 lows at $1671, and Dec 07 lows/Feb 07 highs at $1683.
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