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Recovery Falters After Initial Test To...>

GOLD TECHS
GOLD TECHS: Recovery Falters After Initial Test To The 76.4% Fibo Level
*RES 4: $1289.0 Jun 8 high
*RES 3: $1281.5 Jun 14 high
*RES 2: $1274.6 Jun 6 low, 76.4% Fibo of $1296.1-$1204.8
*RES 1: $1271.3 Hourly resistance
*PRICE: $1262.3 @0858GMT
*SUP 1: $1257.0 Aug 1 low
*SUP 2: $1252.1 Jul 27 low
*SUP 3: $1243.9 Jul 26 low
*SUP 4: $1239.5 Jul 21 low
*COMMENTARY* Has backed away after a challenge to the 76.4% Fibo retrace level
at $1274.6 last week. Initial support from $1258.9 has been slightly breached on
Wednesday but eyes are currently on the lower and more important support from
the Jul 27 low at $1252.1. Loss here would spoil recent upside momentum and
suggest that a deeper correction is then required. In the meantime, resistance
is still from $1271.3 ahead of that key $1274.6 level.

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