Gold continues to work its way towards the $1240.5 June monthly low with the sell-off Monday dipping below the falling daily channel base ($1251.0). The Bollinger band base appears to be limiting downside follow through at present as is often the case but bears remain firmly focused on June lows while $1280.0 caps. Bulls need a close above $1280.0 to confirm an easing of bearish pressure and above $1303.4 to shift overall focus higher.
RES 4: $1292.6 – 100-DMA
RES 3: $1289.9 – High Sept 1
RES 2: $1280.0 – Low Aug 27 now resistance
RES 1: $1264.4 – Previous hourly support now resistance
PRICE: $1254.5
SUP 1: $1250.3 – Low June 9
SUP 2: $1248.5 – Bollinger band base
SUP 3: $1246.9 – Weekly Bollinger band base
SUP 4: $1240.5 – Monthly low June 3