Continued hesitation around $1237.7-1240.6 sees gold struggling to take out the 100-DMA ($1232.7) and falling daily trend line off July highs. When combined with O/B daily studies and the Bollinger band top this hints at a correction. In saying that, bears look for a close below $1208.9 to shift focus back to the $1186.2 support. A close above $1240.6 is needed to confirm a bullish bias and 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
LPRICE: $1216.8
SUP 1: $1208.9 – High Dec 8 now support
SUP 2: $1203.0 – 55-DMA
SUP 3: $1198.2 – Hourly resistance Dec 8 now support
SUP 4: $1186.2 – Low Dec 5
