Losses below the 21-DMA continued Thursday before gold found support just ahead of the Bollinger band base. Bears remain in control with immediate focus on the key $1180.2-1182.4 region. Bears favour a break lower while $1221.3 caps with the key concerns being the Bollinger band base and O/S daily studies. Bulls look for a close above $1207.9 to ease bearish pressure and above the 55-DMA to hint at a bigger bounce.
RES 4: $1240.6 – 55-DMA
RES 3: $1239.8 – Alternating hourly support/resistance
RES 2: $1221.3 – Hourly support Oct 29 now resistance
RES 1: $1207.9 – Hourly resistance Oct 30
LPRICE: $1185.7
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