Gold remains heavy as it trades at fresh 2014 and 4 year lows. Key concerns for bears remain the O/S daily studies and Bollinger band base but bears remain firmly in control with overall focus on the $1045.5 2010 low. Bulls now need a close above $1161.1 to ease bearish pressure and above $1177.7 to shift focus back to layers of resistance in the $1196.2-1227.7 region.
RES 4: $1207.9 – Hourly resistance Oct 30
RES 3: $1196.2 – Hourly support Oct 31 now resistance
RES 2: $1177.7 – Hourly resistance Oct 31
RES 1: $1161.1 – Low Oct 31 now resistance
LPRICE: $1134.0
SUP 1: $1137.7 – 2014 Low Nov 5
SUP 2: $1124.2 – Low Apr 19 2010
SUP 3: $1085.3 – Monthly Low Mar 24 2010
SUP 4: $1045.5 – 2010 Low Feb 5 2010