Recent pressure on the 100-DMA has finally taken its toll with it giving way in Asian trading and gold remaining heavy. Immediate focus shifts to the $1286.3-1293.9 region where the 55 & 200-DMAs are located with bears looking for a close below the 200-DMA to shift focus back to the $1240.5 June monthly low. Bulls need a close above $1304.9 to signal a false break lower and above $1324.8 to end bearish hopes.
RES 4: $1324.8 – High July 17
RES 3: $1318.1 – High July 21
RES 2: $1316.2 – 21-DMA
RES 1: $1304.9 – Hourly resistance July 24
LPRICE: $1297.5
SUP 1: $1293.9 – 55-DMA
SUP 2: $1286.3 – 200-DMA
SUP 3: $1280.8 – 61.8% Fibonacci 1240.5-1345.3
SUP 4: $1259.9 – Low June 17