Recent pressure on the 100-DMA has finally taken its toll with gold also taking out the rising daily trend line of June 5 lows and the 55-DMA before bouncing from the key 200-DMA. Bears look for a close below the 200-DMA to add weight to the bearish case and see overall focus shift to the $1240.5 June monthly low. Bulls need a close above $1301.3 to ease bearish pressure and above the 21-DMA to shift overall focus higher.
RES 4: $1324.8 – High July 17
RES 3: $1318.1 – High July 21
RES 2: $1314.8 – 21-DMA
RES 1: $1301.3 – Hourly resistance July 24
LPRICE: $1291.3
SUP 1: $1286.1 – 200-DMA
SUP 2: $1280.5 – 61.8% Fibonacci 1240.5-1345.3
SUP 3: $1259.9 – Low June 17
SUP 4: $1240.5 – Monthly Low June 3