Following on from Thursday’s close above the 21-DMA gold has since found support on dips with the result being a move towards the $1240.5-1245.1 region where the Bollinger band top and 38.2% Fibo retracement is located. Bulls need a close above this region to add support to a move back to $1258.0-1286.0 although the Bollinger band top may limit follow through. Bears need a close below the 21-DMA to end bullish hopes.
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: $1240.5 – Bollinger band top
LPRICE: $1234.5
SUP 1: $1218.6 – 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