Gold remains heavy with the precious metal pressuring initial support to end last week. Key concerns for bears come from O/S studies but bulls need to see a close above $1225.0 to ease bearish pressure. Overall a close above $1251.6 is needed to confirm breaks of the 21 & 200-DMAs, ending bearish hopes and shifting immediate focus back to the $1307.9 2015 high. Below $1197.7 confirms the shift in focus to 2014 lows.
RES 4: $1251.6 – Low Jan 29 now resistance
RES 3: $1246.0 – High Feb 10
RES 2: $1236.9 – High Feb 16
RES 1: $1225.0 – Hourly resistance Feb 17
PRICE: $1203.5
SUP 1: $1197.7 – Low Jan Feb 18
SUP 2: $1189.1 – Bollinger band base
SUP 3: $1167.0 – Low Jan 2
SUP 4: $1146.7 – Monthly Low Dec 1
