The correction lower continued Tuesday with gold closing below the 100-DMA but finding support at the 55-DMA. The close below the 100-DMA adds weight to the bearish case with the immediate focus shifting to the 200-DMA. Bears favour a close below the 200-DMA with overall focus having shifted to the June monthly low. Bulls need a close above the 21-DMA to ease bearish pressure and shift focus back to the $1333.7-1345.3 region
RES 4: $1333.7 – Low July 11 now resistance
RES 3: $1323.5 – Hourly resistance July 14
RES 2: $1316.3 – 21-DMA
RES 1: $1303.9 – 100-DMA
LPRICE: $1296.5
SUP 1: $1292.6 – 55-DMA
SUP 2: $1285.5 – 200-DMA
SUP 3: $1280.8 – 61.8% Fibonacci 1240.5-1345.3
SUP 4: $1276.0 – Low June 19