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$1220 Becomes Support *RES 4: $1300.0....>

GOLD TECHS
GOLD TECHS: $1220 Becomes Support
*RES 4: $1300.0 - Pivot area 
*RES 3: $1274.2 - 200-dma 
*RES 2: $1266.0 - High July 9 
*RES 1: $1236.0 - Pivot area
*PRICE: $1232.0 @ 06:28 GMT 
*SUP 1: $1220.2 - Low Oct 22 
*SUP 2: $1202.2 - 55-dma 
*SUP 3: $1180.9 - Sep 28 
*SUP 4: $1160.4 - Low Aug 16 
Gold broke out of its pennant formation tot he upside yesterday as the $1230
level gave way, keeping the trend of higher highs intact. Bulls now target the
pivot area at $1236.0 above which the July 9 high comes into play at $1266.0.
Bears need to break below Monday's low at $1220.2 to challenge the 55-dma, below
which the outlook would turn bearish. 

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