Gold continues to work its way towards the $1240.5 June monthly low with the sell-off Tuesday again dipping below the Bollinger band base before bouncing a little. 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: $1289.9 – High Sept 1
RES 3: $1280.0 – Low Aug 27 now resistance
RES 2: $1264.4 – Previous hourly support now resistance
RES 1: $1258.6 – High Sept 9
LPRICE: $1256.0
SUP 1: $1247.7 – Low June 9
SUP 2: $1240.5 – Monthly low June 3
SUP 3: $1231.6 – Low Jan 23
SUP 4: $1218.5 – Low Jan 8