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Bulls Look to Regain The Initiative......>

GOLD TECHS
GOLD TECHS: Bulls Look to Regain The Initiative
*RES 4: $1324.6 - High Mar 25 
*RES 3: $1310.7 - High Apr 10 
*RES 2: $1294.0 - Downtrend resistance from Feb highs 
*RES 1: $1288.8 - High Apr 26 
*PRICE: $1282.3 @ 06:12 GMT May 6 
*SUP 1: $1266.3 - Low May 2 
*SUP 2: $1253.2/1249.6 - 200-dma/High Dec 10 
*SUP 3: $1243.7 - High Oct 26 
*SUP 4: $1231.6/1233.0 - 61.8% retracement/Low Dec 14 
Gold is back on the front foot after recovering from ytd lows last week. The
focus now shifts to the April 26 high at $1288.8 ahead of key down trendline
resistance at $1293.0. A close above here would shift the outlook bullish
opening the April 10 high at $1310.7. Bears look for a break below Thursday's
low to open the 200-dma/Dec 10 high at $1253.3/1249.6 ahead of the Oct 26 high. 

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