The $1280.0 level confirmed its significance as key resistance last week with gold correcting sharply lower after failing ahead of this level. Bulls need a close above $1280.0 to ease bearish pressure and above the falling daily channel top to confirm a break of the 55-DMA and target 2014 highs. Immediate focus remains on the $1240.4 June lows with the proximity of the Bollinger band base the key concern for bears
RES 4: $1298.0 – High Aug 20
RES 3: $1293.1 – 100-DMA
RES 2: $1289.9 – High Sept 1
RES 1: $1280.0 – Low Aug 27 now resistance
LPRICE: $1270.1
SUP 1: $1256.1 – Bollinger band base
SUP 2: $1252.1 – Falling daily channel base
SUP 3: $1249.7 – Weekly Bollinger band base
SUP 4: $1240.5 – Monthly low June 3