The significance of the $1183.1 resistance level was confirmed Monday with a good portion of Friday’s gains given back as gold reversed lower from ahead of the previous 2014 low. The close back below $1161.1 reconfirms the bearish bias with immediate focus having returned to the 2014 low set Friday. While $1183.1 caps bears favour a break lower and remain focused on the 2014 low then the psychological $1000.0 level.
RES 4: $1207.9 – Hourly resistance Oct 30
RES 3: $1196.2 – Hourly support Oct 31 now resistance
RES 2: $1183.1 – Low Oct 3 now resistance
RES 1: $1161.1 – Alternating daily support/resistance
LPRICE: $1149.4
SUP 1: $1130.0 – 2014 Low Nov 7
SUP 2: $1124.2 – Low Apr 19 2010
SUP 3: $1085.3 – Monthly Low Mar 24 2010
SUP 4: $1045.5 – 2010 Low Feb 5 2010