The ongoing holiday kept the COMEX division of the New York Mercantile Exchange closed this Monday, the primary market for trading metals such as gold, silver, copper and aluminum, with spot gold latest close registered last Friday at $1,150.25 a troy ounce, its highest in two weeks. Activity will resume partially in Asia, as Japan and New Zealand will extend their holidays for one more day, but if the rest of the local share markets advance, gold will likely be in trouble, particularly considering latest dollar's strength. From a technical point of view, the latest recovery stalled short of the 23.6% retracement of the November/December slide at 1,173.10, the level to surpass to deny lower lows beyond December's one of 1,122.62. In the daily chart, indicators have turned back south after failing to overcome their mid-lines, whilst the price stands above a strongly bearish 20 SMA, currently at 1,145.60, the immediate support. In the 4 hours chart, the 20 SMA has advanced above the 100 SMA, both below the current level, while technical indicators have retreated from overbought readings, and head towards their mid-lines within positive territory. A break below the mentioned support should put the metal back in the bearish track, towards 1,122.62, December monthly low.
Support levels: 1,145.60 1,136.45 1,122.60
Resistance levels: 1,159.50 1,173.10 1,182.90