Gold prices are working on their fifth consecutive down day, which if confirmed, would make for the longest losing streak in six months. Near-term channel floor support is at 1237.72, with a break below that on a daily closing basis targeting the 38.2% Fibonacci retracement at 1205.30. Alternatively, a move back above resistance marked by the 23.6% Fib expansion at 1261.70exposes the 1294.26-1307.49 area (January 22 2015 high, 38.2% expansion).