Following fresh 8 month lows Tuesday that saw gold come close to the 2014 low, the precious metal has bounced a little but bears remain focused on the $1180.2-1182.4 region where 2013 lows are located. Key concerns for bears come from the O/S daily studies and Bollinger band base ($1195.4). Bulls need to see a close above $1223.3 to ease bearish pressure and above $1242.7 is needed to hint at a bigger bounce.
RES 4: $1258.6 – High Sept 9
RES 3: $1242.7 – Hourly resistance Sept 11
RES 2: $1234.2 – High Sept 23
RES 1: $1223.3 – High Sept 29
LPRICE: $1219.6
SUP 1: $1204.5 – Low Sept 30
SUP 2: $1201.9 – 2014 Low Jan 1
SUP 3: $1182.4 – Monthly Low Dec 31 2013
SUP 4: $1180.2 – 2013 Low June 28 2013