The $1203.4 resistance level confirmed its significance Monday with gold heading lower and providing bears with some breathing space. Immediate focus has returned to the $1170.8 Dec monthly low so far with bears needing a close below to confirm focus on a retest of the 2014 low. Bulls need a close above $1203.4 to confirm breaks of 21 & 55-DMAs and shift immediate focus to $1213.8-1240.6.
RES 4: $1220.0 – 100-DMA
RES 3: $1213.8 – High Dec 18
RES 2: $1203.4 – High Dec 22
RES 1: $1190.8 – Hourly support Dec 29 now resistance
LPRICE: $1188.0
SUP 1: $1170.8 – Low Dec 22
SUP 2: $1164.1 – Bollinger band base
SUP 3: $1149.6 – Falling daily trend line projection
SUP 4: $1146.7 – Low Dec 1
