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GOLD TECHS: Correcting After Rally Falters Below 9 Month Channel Top
*RES 4: $1357.7 Sep 8 high
*RES 3: $1350.2 Sep 7 high
*RES 2: $1340.5 Sep 11 high
*RES 1: $1337.1 Sep 12 high
*PRICE: $1322.2 @1633GMT
*SUP 1: $1320.4 61.8% Fibo of $1297.3-$1357.7
*SUP 2: $1316.4 Sep 1 low
*SUP 3: $1311.6 76.4% Fibo of $1297.3-$1357.7
*SUP 4: $1297.3 Aug 31 low
*COMMENTARY* The rally continued last week, moving through what looked decent
resistance from around $1352.8. A high of $1357.7 attained, just shy of the 9
month bull channel top projection at $1360.4. Has not unnaturally encountered
some near term overbought conditions. The subsequent loss of $1337.8 suggests
some caution and corrective capability. Next support from $1320.4 and then
$1316.4-$1311.6. Nearest resistance now comes from $1337.1-$1340.5.