Gold breaks lower, 1045 support in sight

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GOLD (XAUUSD), Daily 

Gold breaks the 1070 key support area in a technical move on an otherwise quiet U.S. calendar; price remains bearish now that the key support has been broken with momentum expected to carry price towards the February 2010 lows near 1045. Moving average analysis and Stochastic confirms the bearish outlook. Pullbacks should be short lived with sellers to emerge upon any signs of strength. Areas to watch out for are as follows, 1070 (support now turned resistance), 1078-80 (key resistance) and 1045 (downside target and February 2010 low).

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