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GOLD TECHS: Bounce Potential
*RES 4: $1346.8 - High Feb 20
*RES 3: $1330.0 - High Feb 27
*RES 2: $1315.3/1312.1 - High Mar 1/21-dma
*RES 1: $1297.1/1302.6 - High Mar 4/50-dma
*PRICE: $1290.4 @ 06:02 GMT Mar 8
*SUP 1: $1280.9 - Low Mar 5
*SUP 2: $1276.8 - Low Jan 21/38.2% retracement
*SUP 3: $1268.4 - 100-dma
*SUP 4: $1253.8 - 50% retracement of Aug-Feb rally
Gold hit marginal new lows yesterday but received a bid shortly after to shift
the focus back to Monday's high and the 50-dma. A break above here is needed to
stabilise the outlook and open Friday's high and the 21-dma. The broader bearish
trend remains intact though for now with bears looking to take out yesterday's
low at $1280.9 to open the Feb 21 ytd lows at $1276.8 and the 38.2% retracement.