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Initial Focus Shifts To $1269.9-1289.5...>

GOLD TECHS
GOLD TECHS: Initial Focus Shifts To $1269.9-1289.5
*RES 4: $1285.1 - Daily Bear channel top 
*RES 3: $1277.9 - Hourly resistance Dec 1 
*RES 2: $1269.9 - Low Nov 14 now resistance 
*RES 1: $1260.1 - Monthly Low Oct 6 now resistance
*PRICE: $1256.6 @ 0245GMT
*SUP 1: $1249.2 - Hourly breakout level Dec 13 
*SUP 2: $1240.2 - Low Dec 13 
*SUP 3: $1235.9 - Low Dec 12 
*SUP 4: $1227.8 - Low July 17
*COMMENTARY: Bears failed to capitalise further on recent fresh 6mth lows with
the bounce easing immediate bearish pressure. Correcting O/S daily studies add
support to the case for a move back to layers of resistance $1269.9-1286.3 where
DMAs and bear channel top are noted. The $1235.9 support is now key with bears
needing a close below to reconfirm a bearish bias and focus on the channel base
($1208.4).

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