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Recovery Falters At The 76.4% Fibo.......>

GOLD TECHS
GOLD TECHS: Recovery Falters At The 76.4% Fibo Retrace Level At $1274.6
*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: $1260.9 @0908GMT
*SUP 1: $1251.1/2.1 76.4% of $1243.9-$1274.2, 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* Backed away last week after a challenge to the 76.4% Fibo retrace
level at $1274.6. Initial support from $1258.9 was breached last Wednesday but
eyes are still on the lower and more important support from between the Jul 27
low at $1252.1 and the 76.4% Fibo retrace level at $1251.1. Loss would spoil
recent upside momentum and suggest that a deeper correction is then required. In
the meantime, resistance $1264.3-$1270.9, ahead of that key $1274.6 level. 

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