Gold Technical Analysis: Sell-off could resume if key support at $1,181 is breached
|- Gold is trading in a sideways manner in a range of $1,181 to $1,186, having dropped sharply from highs above $1,195 yesterday.
- A break below $1,181 would signal a continuation of the sell-off from the highs above $1,195 and could yield a re-test of the August low of $1,160. The 5-day and 10-day moving averages (MAs) are trending south in favor of the bears.
- Only a daily close above the 10-day MA would abort the bearish view.
15-minute chart
Current Price: $1,184
Daily High: $1,186
Daily Low: $1,182
Trend: Bearish
R1: $1,192 (5-day moving average)
R2: $1,200 (psychological level)
R3: $1,205 (50-day moving average)
Support
S1: $1,181 (range low)
S2: $1,172 (Aug. 17 low)
S3: $1,160 (Aug. 16 low)
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