Tuesday’s rally fell short of the 21-DMA before correcting lower and closing the day back below the 100-DMA ($1300.8) adding weight to the bearish case. The 200-DMA remains key support with gold having bounced from this level last week. Bears need a close below the 200-DMA to add weight to the bearish case and shift overall focus back to the $1240.5 June monthly low. Bulls need a close above the 21-DMA to ease bearish pressure.
RES 4: $1324.8 – High July 17
RES 3: $1318.1 – High July 21
RES 2: $1312.5 – 21-DMA
RES 1: $1312.3 – High July 23
LPRICE: $1299.1
SUP 1: $1294.3 – 55-DMA
SUP 2: $1285.8 – 200-DMA
SUP 3: $1280.5 – 61.8% Fibonacci 1240.5-1345.3
SUP 4: $1259.9 – Low June 17