The $1278.9 support level is seen as key for gold to start the new week. Bears continue to look for a close below $1278.9 to ease bullish pressure and below $1266.7 to shift focus back to the $1244.6-1252.6 region where the 200-DMA is located. Daily studies remain O/B and the Bollinger top is limiting follow through but while $1278.9 supports a bullish bias dominates with bulls focused on the $1319.2-1345.3 region.
RES 4: $1345.3 – Monthly High July 10
RES 3: $1324.7 – High July 17, Daily channel top
RES 2: $1319.2 – High Aug 14
RES 1: $1315.0 – Daily trend line projection
LPRICE: $1293.7
SUP 1: $1278.9 – Low Jan 22
SUP 2: $1266.7 – Hourly resistance Jan 16 now support
SUP 3: $1252.6 – 200-DMA
SUP 4: $1244.6 – High Jan 14 now support
