Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 12/31, 12/30 and 12/22 lows. On an encouraging note, gold has set consecutive higher lows after bottoming out in December and we are unable to form a noteworthy downtrend line. Therefore, gold could have some decent upward mobility should the Dollar continue to weaken. Meanwhile, our 4th tier uptrend line could prove to be an important trend line since it runs through 10/28 lows, or the $1025/oz level. As for the topside, gold faces technical barriers in the form of 12/17 highs along with the psychological $1150/oz level.
Present Price: $1117.55/oz
Resistances: $1117.80/oz, $1122.70/oz, $1128.09/oz, $1132.99/oz, $1137.41/oz, $1141.33/oz
Supports: $1110.94/oz, $1104.83/oz, $1100.55/oz, $1096.27/oz, $1092.91/oz
Psychological: $1100/oz, $1150/oz, December lows