Whippy volatile trading continues for gold with the lack of follow through after dipping below the $1170 level Friday a concern for bulls. In saying that, the $1213.8-1224.3 resistance region remains key with bulls needing a close above to end bearish hopes and shift immediate focus to the 200-DMA at $1256.0. The Bollinger band base remains the key concern for bears on a break lower and is likely to limit follow through.
RES 4: $1224.3 – High Dec 15
RES 3: $1215.3 – 100-DMA
RES 2: $1213.8 – High Dec 18
RES 1: $1204.0 – High Dec 31
LPRICE: $1191.5
SUP 1: $1177.7 – Hourly support Jan 2
SUP 2: $1167.0 – Low Jan 2
SUP 3: $1162.1 – Bollinger band base
SUP 4: $1146.7 – Monthly Low Dec 1
