False Break Below Neckline *RES 4:.......>

GOLD TECHS: False Break Below Neckline

*RES 4: $1319.3 - High Mar 27 

*RES 3: $1312.3 - High Mar 28 

*RES 2: $1308.2 - 50-dma 

*RES 1: $1299.9 - High Mar 29 

*PRICE: $1289.6 @ 04:23 GMT Apr 5 

*SUP 1: $1281.0/1280.9 - Low Apr 3/Low March 7

*SUP 2: $1276.8 - Low Jan 21/38.2% retracement 

*SUP 3: $1253.6 - 50% retracement 

*SUP 4: $1249.1 - 200-dma

Gold broke below key neckline support on an intraday basis yesterday but managed

to close above it to suggest a potential false break. Bulls now look to recover

the March 29 high at $1299.9 to form a base. Above here brings the 50-dma at

$1308.2 into play ahead of the March 28 high at $1312.3. Bears look for a close

below the $1281.0/1280.9 April 3/March 7 lows. Below here would suggest further

downside to the Low Jan 21/38.2% retracement at $1281.0/1280.9.