The lack of follow through on Friday’s dip below $1170.0 has now seen gold bounce back towards the key $1213.8-1224.3 resistance region. Bulls need a close above $1224.3 to confirm breaks of the 21-WMA, 100-DMA and falling trend lines, ending bearish hopes and shifting focus to the $1238.6-1258.5 region where the 200-DMA is located. Bears need a close below $1186.7 to confirm a break of the 55-DMA and ease the renewed bullish pressure.
RES 4: $1238.6 – Monthly High Dec 9
RES 3: $1224.3 – High Dec 15
RES 2: $1215.5 – 100-DMA
RES 1: $1213.8 – High Dec 18
LPRICE: $1207.0
SUP 1: $1186.7 – Hourly support Jan 5
SUP 2: $1177.7 – Hourly support Jan 2
SUP 3: $1167.0 – Low Jan 2
SUP 4: $1146.7 – Monthly Low Dec 1
