The pullback following last week’s spike above the 55-DMA continues with gold having dipped briefly below the 21-DMA Tuesday. Bulls take a little comfort in the bounce but need a close above $1239.8 to relieve the pressure on the 21-DMA and above $1258.5 to hint at a sustained rally. Bears look for a close below $1222.5 to confirm a break of the 21-DMA and shift overall focus back to the key $1180.2-1182.4 region
RES 4: $1265.4 – Falling daily trend line
RES 3: $1258.5 – High Sept 9
RES 2: $1244.9 – 55-DMA
RES 1: $1239.8 – Alternating hourly support/resistance
LPRICE: $1230.0
SUP 1: $1222.5 – Low Oct 28
SUP 2: $1217.4 – Low Oct 10
SUP 3: $1202.9 – Low Oct 7
SUP 4: $1182.4 – Monthly Low Dec 31 2013