Following on from Thursday’s close below the 200-DMA gold continues to consolidate below this level with the relatively bearish close to start the new week ensuring pressure remains on last week’s low. Bulls continue to look for a close above the 200-DMA to ease bearish pressure and above $1303.9 to confirm a break of other DMAs and shift overall focus higher. While the 200-DMA caps bears favour a break lower that targets $1240.5
RES 4: $1303.9 – High Aug 18
RES 3: $1296.1 – 21-DMA
RES 2: $1292.4 – Hourly resistance Aug 20
RES 1: $1284.5 – 200-DMA
LPRICE: $1279.4
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