After having struggled at the 21-DMA early last week the sell-off gathered momentum Thursday with gold trading at fresh 2 month lows and closing below the 200-DMA. The pair bounced a little from below the Bollinger band base Friday but remained capped ahead of the 200-DMA. Bulls need a close above the 200-DMA to ease bearish pressure and above $1303.9 to shift overall focus higher. While the 200-DMA caps bears target $1240.5.
RES 4: $1303.9 – High Aug 18
RES 3: $1297.6 – 21-DMA
RES 2: $1292.4 – Hourly resistance Aug 20
RES 1: $1284.5 – 200-DMA
LPRICE: $1278.5
SUP 1: $1271.6 – Low Aug 21
SUP 2: $1258.7 – Low June 17
SUP 3: $1250.3 – Low June 9
SUP 4: $1240.5 – Monthly Low June 3