Continued hesitation around the $1237.7-1240.6 region sees gold struggling to take out the 100-DMA ($1233.5) and falling daily trend line off July highs and when combined with O/B daily studies and the Bollinger band top is hinting at a correction. In saying that, bears continue to look for a close below $1208.9 to shift focus back to the $1186.2 support Overall bulls need a close above $1257.3 to target 2014 highs.
RES 4: $1263.0 – 61.8% Fibonacci 1345.3-1130.0
RES 3: $1257.3 – Low Sept 3 now resistance
RES 2: $1240.6 – Low Oct 22 now resistance
RES 1: $1237.7 – 50% Fibonacci 1345.3-1130.0
LPRICE: $1217.7
SUP 1: $1215.7 – Low Dec 11
SUP 2: $1208.9 – High Dec 8 now support
SUP 3: $1198.2 – Hourly resistance Dec 8 now support
SUP 4: $1186.2 – Low Dec 5
