After having found support ahead of the $1175.0 level last week gold ended the week on a bullish note with a close above $1200.0 that sees immediate focus on the 55-DMA. Bulls look for a close above the 55-DMA to reconfirm bullish pressure and shift overall focus to the $1240.6-1258.5 region where the 100-DMA and Bollinger band top are located. Bears need to see a close below $1175.0 to shift focus back to 2014 lows.
RES 4: $1240.6 – Low Oct 22 now resistance
RES 3: $1230.1 – Bollinger band top
RES 2: $1222.4 – Low Oct 28 now resistance
RES 1: $1209.2 – 55-DMA
PRICE: $1199.8
SUP 1: $1186.9 – Low Nov 21
SUP 2: $1175.0 – Low Nov 19
SUP 3: $1146.1 – Low Nov 11
SUP 4: $1130.0 – 2014 Low Nov 7
