After recently looking heavy gold broke the channel base and managed a marginal dip below the 200-DMA ($1252.2) Thursday with the $1244.6 support remaining key. Bears look for a close below $1244.6 to confirm breaks of the 21 & 200-DMAs, ending bullish hopes and shifting overall focus back to the $1130.0-1167.6 region where 2014 & 2015 lows are located. Bulls need a close above $1299.7 to regain the upper hand and target $1319.2-1345.3.
RES 4: $1319.2 – High Aug 14
RES 3: $1307.6 – 2015 High Jan 22
RES 2: $1299.7 – High Jan 26
RES 1: $1274.0 – Hourly resistance Jan 29
PRICE: $1260.5
SUP 1: $1253.6 – 21-DMA
SUP 2: $1244.6 – High Jan 14 now support
SUP 3: $1237.8 – 50.9% Fibonacci $1167.6-1307.9
SUP 4: $1225.0 – Low Jan 14
