Recent spikes above the 100-DMA ($1214.5) have failed to produce a close above with gold continuing to stall ahead of layers of resistance in the $1225.0-1251.6 region where key DMAs are located. While the 55-DMA caps immediate focus remains on the $1190.6 support with a close below needed to confirm overall bearish focus on 2014 & 2015 lows. Topside, bulls need a close above $1251.6 to target 2015 highs.
RES 4: $1236.9 – High Feb 16
RES 3: $1228.6 – 55-DMA
RES 2: $1225.0 – Hourly resistance Feb 17
RES 1: $1217.8 – 21-DMA
PRICE: $1205.1
SUP 1: $1190.6 – Low Feb 24
SUP 2: $1185.7 – Bollinger band base
SUP 3: $1167.0 – 2015 Low Jan 2
SUP 4: $1142.9 – Low Nov 28
