After having recently hesitated ahead of the $1200 level, Friday’s break lower and relatively bearish close adds weight to the bearish case with immediate focus on 2013 lows and then on levels last seen in 2010. The $1223.3 resistance level remains key this week with bulls needing a close above to confirm an easing of bearish pressure whereas above $1242.7 is needed to hint at a bigger bounce. The Bollinger band base remains a key concern for bears
RES 4: $1242.7 – Hourly resistance Sept 11
RES 3: $1234.2 – High Sept 23
RES 2: $1223.3 – High Sept 29
RES 1: $1204.5 – Low Sept 30
LPRICE: $1188.6
SUP 1: $1182.4 – Monthly Low Dec 31 2013
SUP 2: $1180.2 – 2013 Low June 28 2013
SUP 3: $1157.6 – Monthly Low July 28 2010
SUP 4: $1124.2 – Low Apr 19 2010