Gold bulls are currently losing the battle with the long term falling trend line from Sept 2012 highs that comes in around the $1219.0 level. Bulls need a close above $1224.3 to confirm a clean break of the trend line and 100-DMA, shifting immediate focus to the $1238.6-1258.5 region. While $1224.3 caps a bearish bias is developing with bears needing below $1201.8 need to hint at a deeper correction and below the 55-DMA confirming.
RES 4: $1257.3 – Low Sept 3 now resistance
RES 3: $1254.5 – 200-DMA
RES 2: $1238.6 – Monthly High Dec 9
RES 1: $1224.3 – High Dec 15
LPRICE: $1211.4
SUP 1: $1201.7 – Low Jan 6
SUP 2: $1191.3 – 55-DMA
SUP 3: $1186.7 – Hourly support Jan 5
SUP 4: $1177.7 – Hourly support Jan 2
