Gold Technical Analysis

Last week’s failures to close above the 100-DMA and ahead of the key $1225.0-1251.6 region rewarded bears with fresh 2015 lows and overall focus on the 2014 low. Initial resistance remains at Monday’s high but bulls need a close above $1190.6 to ease the bearish pressure. Daily studies which are approaching O/S levels are becoming an issue alongside the Bollinger base moderating the move lower but bears remain firmly focused on 2014 lows
RES 4: $1225.0 – Hourly resistance Feb 17
RES 3: $1212.1 – 100-DMA
RES 2: $1190.6 – Previous daily support now resistance
RES 1: $1175.8 – High Mar 9
PRICE: $1161.7
SUP 1: $1142.9 – Low Nov 28
SUP 2: $1130.1 – Weekly Bollinger band base
SUP 3: $1130.0 – 2014 Low Nov 7
SUP 4: $1085.3 – Monthly low Mar 24 2010