The $1244.6-1251.6 support region confirmed significance Friday with gold bouncing from this region to recoup Thursday’s losses. Bears need a close below $1244.6 to confirm breaks of the 21 & 200-DMAs, ending bullish hopes and shifting overall focus back to the $1130.0-1167.6 region where 2014 & 2015 lows are located. Bulls need a close above $1286.6 to regain the upper hand and above $1307.6 to target $1319.2-1345.3.
RES 4: $1319.2 – High Aug 14
RES 3: $1307.6 – 2015 High Jan 22
RES 2: $1299.7 – High Jan 26
RES 1: $1286.6 – High Jan 29
LPRICE: $1276.0
SUP 1: $1262.3 – 21-DMA
SUP 2: $1252.1 – 200-DMA
SUP 3: $1244.6 – High Jan 14 now support
SUP 4: $1237.8 – 50.0% Fibonacci $1167.6-1307.9
