Gold Technical Analysis: Gold bears looking at the 2018 low

Gold is trading less than 4 points away from the 2018 low at 1,236.28.
Gold momentum is bearish but sellers need a bear breakout below 1,236.28 in order to extend the bear trend towards 1,204.00, July 10, 2017 swing low.
Failure to break below 1,236.28 can lead to a bullish reversal attempt and target 1,245.65, June 28 low.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Spot rate: 1,240.00
Relative change: -0.11%
High: 1,245.60
Low: 1,238.10

Trend: Bearish

Resistance 1: 1,241.50 intraday swing low
Resistance 2: 1,245.65 June 28 low
Resistance 3: 1,250.00 figure
Resistance 4: 1,254.23 June 28 high
Resistance 5: 1,260.00 figure
Resistance 6: 1,264.14 June 25 low
Resistance 7: 1,270.00 figure
Resistance 8: 1,286.10 May 21 low

Support 1: 1,236.28 current 2018 low
Support 2: 1,204.00 July 10, 2017 swing low
Support 3: 1,122.89 December 11, 2016 swing low

Author

Flavio Tosti

Independent Analyst

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