Recovery Falters After Initial Test To...>

GOLD TECHS: Recovery Falters After Initial Test To The 76.4% Fibo Level

*RES 4: $1281.5 Jun 14 high

*RES 3: $1274.6 Jun 6 low, 76.4% Fibo of $1296.1-$1204.8

*RES 2: $1270.9 Aug 3 high

*RES 1: $1264.3 Hourly resistance

*PRICE: $12569 @1611GMT

*SUP 1: $1252.1 Jul 27 low

*SUP 2: $1243.9 Jul 26 low

*SUP 3: $1239.5 Jul 21 low

*SUP 4: $1233.1 Jul 14 high, now support

*COMMENTARY* Has backed away this week after a challenge to the 76.4% Fibo

retrace level at $1274.6. Initial support from $1258.9 was 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 seen from

between $1264.3-$1270.9, ahead of that key $1274.6 level.