Gold Technical Analysis: Bears take the lead and drive the Yellow Metal to $1,183.00 support

  • Gold bears are at work resuming the main bear trend.
  • Gold is currently testing $1,182.90 (August 24 low) as the RSI, MACD and Stochastics indicators are weakening, suggesting that further losses below the level can be around the corner. A sustained break below 1,182.90 would open the door for 1,172.82 (current 2018 low) and 1,145.20 (March, 1 2017 low). 
  • However, a bull breakout above 1,204.10 (August 3 swing low, key level) would likely invalidate the current bearish momentum

Gold 4-hour chart

Spot rate:                   1,182.91
Relative change:       -0.95%
High:                          1,198.63
Low:                           1,181.72

Main trend:                         Bearish 

Resistance 1:            1,189.49 September 4 low
Resistance 2:            1,194.30 March 10, 2017 low
Resistance 3:            1,204.10, August 3 swing low (key level)
Resistance 4:            1,211.17 July 19 low 
Resistance 5:            1,214.30 August 28 high
Resistance 6:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 7:            1,225.90 July 17 low
Resistance 8:            1,237.60 July 3 swing low

Support 1:            1,182.90 August 24 low
Support 2:            1,172.82 current 2018 low
Support 3:            1,145.20 March, 1 2017 low

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