The significance of the 21-DMA was confirmed Wednesday with gold bouncing sharply from ahead of this level only to lack follow through above the Bollinger band top ($1243.8). Bears need a close below the 21-DMA to end bullish hopes and shift immediate focus back to the $1202.9 support and overall focus back to the key $1180.2-1182.4 region. Bulls now need a close above $1258.5 to confirm a break of the 55-DMA and target $1274.4-1298.2.
RES 4: $1274.3 – 100-DMA
RES 3: $1258.5 – High Sept 9
RES 2: $1256.1 – 55-DMA
RES 1: $1254.7 – Weekly Bollinger band top
LPRICE: $1240.3
SUP 1: $1219.7 – 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