The $1280.0 level confirmed its significance as key resistance with gold correcting sharply lower after failing ahead of this level Thursday. Bulls continue to look for a close above $1280.0 to ease bearish pressure and above the falling daily channel top to confirm a break of the 55-DMA and target 2014 highs. Immediate focus remains on the $1240.4 June lows with the proximity of the Bollinger band base the key concern for bears.
RES 4: $1293.2 – 100-DMA
RES 3: $1289.9 – High Sept 1
RES 2: $1280.0 – Low Aug 27 now resistance
RES 1: $1266.7 – Previous hourly support now resistance
LPRICE: $1263.5
SUP 1: $1255.4 – Bollinger band base
SUP 2: $1253.1 – Falling daily channel base
SUP 3: $1251.3 – Weekly Bollinger band base
SUP 4: $1240.5 – Monthly low June 3