After finding support around the 21-DMA gold rallied to fresh 2 month highs Tuesday before stalling around the 50% Fibonacci and 100-DMA with the Bollinger band top ($1235.0) limiting follow through. Layers of support remain with bears needing a close below $1221.3 to ease bullish pressure and below $1208.9 to shift focus back to the 21-DMA at $1197.0. Overall bulls need a close above $1257.3 to target 2014 highs.
RES 4: $1263.0 – 61.8% Fibonacci 1345.3-1130.0
RES 3: $1257.3 – Low Sept 3 now resistance
RES 2: $1240.6 – Low Oct 22 now resistance
RES 1: $1237.7 – 50% Fibonacci 1345.3-1130.0
PRICE: $1229.2
SUP 1: $1221.3 – High Dec 1 now support
SUP 2: $1208.9 – High Dec 8 now support
SUP 3: $1198.2 – Hourly resistance Dec 8 now support
SUP 4: $1186.2 – Low Dec 5
