Gold continues to flirt with the 200-DMA ($1284.9) but has failed to close above. Bulls need a close above $1292.4 to confirm an easing of bearish pressure whereas a close above $1303.9 remains needed to shift focus higher. While $1292.4 caps bears favour a break lower targeting June monthly lows. Key concerns for bears are O/S daily studies and the proximity of the Bollinger band base ($1269.2) which may limit follow through a little
RES 4: $1309.9 – Falling daily trend line
RES 3: $1303.9 – High Aug 18, 55-DMA
RES 2: $1295.0 – 21-DMA
RES 1: $1292.4 – Hourly resistance Aug 20
LPRICE: $1285.5
SUP 1: $1280.0 – Hourly support Aug 27
SUP 2: $1271.6 – Low Aug 21
SUP 3: $1258.7 – Low June 17
SUP 4: $1250.3 – Low June 9