After making marginal fresh 3 month lows Wednesday gold recovered a little. Bulls look for a close above $1280.0 to ease bearish pressure while a close above the falling daily channel top at $1304.3 is needed to end bearish hopes and shift overall focus back to July monthly highs. For now bears dominate and target June lows. O/S daily studies and the proximity of the Bollinger band base are key concerns for bears and may limit downside follow through
RES 4: $1304.3 – Falling daily channel top
RES 3: $1293.6 – 100-DMA
RES 2: $1289.9 – High Sept 1
RES 1: $1280.0 – Low Aug 27 now resistance
LPRICE: $1272.4
SUP 1: $1265.1 – Hourly support Sept 3
SUP 2: $1258.6 – Low June 11
SUP 3: $1252.9 – Weekly Bollinger band base
SUP 4: $1240.5 – Monthly low June 3