As gold continues to find support ahead of last week’s $1271.6 low the precious metal managed a spike above the 200-DMA Tuesday only to remain capped ahead of $1292.4. Bulls need a close above this level to confirm an easing of bearish pressure whereas a close above $1303.9 is needed to shift focus higher. While $1292.4 caps bears favour a break lower targeting a retest of June monthly lows.
RES 4: $1310.8 – Falling daily trend line
RES 3: $1303.9 – High Aug 18, 55-DMA
RES 2: $1295.7 – 21-DMA
RES 1: $1292.4 – Hourly resistance Aug 20
LPRICE: $1284.0
SUP 1: $1280.0 – Hourly support Aug 27
SUP 2: $1271.6 – Low Aug 21
SUP 3: $1258.7 – Low June 17
SUP 4: $1250.3 – Low June 9