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GOLD TECHS: Positive NFP Reaction
*RES 4: $1346.8 - High Feb 20
*RES 3: $1330.0 - High Feb 27
*RES 2: $1315.3/1311.7 - High Mar 1/21-dma
*RES 1: $1303.1 - 50-dma
*PRICE: $1298.7 @ 05:55 GMT Mar 11
*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 reacted positively to the weak NFP reading on Friday, briefly taking out
the $1300 level. The metal remain on the front foot today with the 50-dma acting
as the upside target at $1303.1. A break above here is needed to open the Mar 1
high and the 21-dma at $1315.3/1311.7. To reignite downside momentum bears need
to take out the Mar 5 low at $1280.9 to open the Feb 21 ytd lows at $1276.8 and
the 38.2% retracement.