Following on from Thursday’s close above the 21-DMA gold has since found support on dips at the 21-DMA with the result being a rally to start the new week. While the 21-DMA supports, immediate focus remains on the $1242.7-1245.1 region where the 38.2% Fibo retracement is located. Bears need a close below the 21-DMA to end bullish hopes whereas a close below $1202.9 is needed to reconfirm focus on the $1180.2-1182.4 region.
RES 4: $1258.5 – High Sept 9
RES 3: $1245.1 – 38.2% Fibo $1345.3-1183.1
RES 2: $1242.7 – Hourly resistance Sept 11
RES 1: $1239.8 – Bollinger band top
LPRICE: $1233.0
SUP 1: $1218.5 – 21-DMA
SUP 2: $1202.9 – Low Oct 7
SUP 3: $1182.4 – Monthly Low Dec 31 2013
SUP 4: $1180.2 – 2013 Low June 28 2013