Gains continued for gold Tuesday with the close above the 21-DMA ($1186.7) and break above $1196.2 confirming the bullish bias with immediate focus shifting to $1214.2-1222.4 and overall focus to $1253.8-1258.5. Initial support is noted in the $1179.2-1181.4 region with bears needing a close below the $1179.2 alternating daily support/resistance level to end bullish hopes and see focus shift back to 2014 lows.
RES 4: $1214.2 – 55-DMA
RES 3: $1207.9 – Hourly resistance Oct 30
RES 2: $1204.7 – High Nov 18
RES 1: $1198.3 – Hourly resistance Nov 18
LPRICE: $1193.0
SUP 1: $1181.4 – Low Nov 17
SUP 2: $1179.2 – Alternating daily support/resistance
SUP 3: $1146.1 – Low Nov 11
SUP 4: $1130.0 – 2014 Low Nov 7