The correction from Tuesday’s 21-DMA failure continued for gold Wednesday as it starts to look a little heavy. Immediate focus has returned to the key 200-DMA with bears needing a close below to add weight to the bearish case and target the $1240.5 June monthly lows. Bulls now need a close above July 23 highs to confirm a break of the 21-DMA and falling daily channel top whereas a close above $1324.8 is needed to target 2014 highs
RES 4: $1324.8 – High July 17
RES 3: $1318.1 – High July 21
RES 2: $1312.3 – High July 23
RES 1: $1303.7 – High July 30
LPRICE: $1294.4
SUP 1: $1285.8 – 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