Recent spikes above the 100-DMA ($1214.1) failed to produce a close above with gold continuing to stall ahead of layers of resistance $1225.0-1251.6 where key DMAs are located. While the 21-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. The Bollinger band base will be the key concern on a break lower.
RES 4: $1236.9 – High Feb 16
RES 3: $1228.5 – 55-DMA
RES 2: $1225.0 – Hourly resistance Feb 17
RES 1: $1214.5 – 21-DMA
PRICE: $1200.1
SUP 1: $1190.6 – Low Feb 24
SUP 2: $1189.2 – Bollinger band base
SUP 3: $1167.0 – 2015 Low Jan 2
SUP 4: $1142.9 – Low Nov 28
