Gold Technical Analysis: More ranges near the 2018 low

  • Gold spent the week oscillating between the 1,206 support and 1,217.00 resistance. 
  • Gold is debating whether to resume the bear trend below 1,204.10, the 2018 low, or create a bullish reversal by breaking above 1,217.89-1,220.90 area. 
  • A breakout above 1,217.89-1,220.90 area can lead to an acceleration towards 1,236.28 July 13 low, key level.

Gold 15-minute chart

Gold daily chart

Spot rate:                   1,211.40
Relative change:         -0.07%
High:                          1,217.20
Low:                           1,205.50

Trend:                         Bearish / Double bottom attempt with 1,204.00 July 10, 2017  

Resistance 1:            1,213.70 July 31 low   
Resistance 2:            1,217.89-1,220.90 area, August 6 high and July 18 low
Resistance 3:            1,223.00 consolidation area
Resistance 4:            1,225.90 July 17 low
Resistance 5:            1,232.00 consolidation area
Resistance 6:            1,236.28 July 13 low, key level
Resistance 7:            1,241.50 intraday swing low
Resistance 8:            1,245.65 June 28 low

Support 1:                1,211.17 July 19 low 
Support 2:                1,205.50-1,204.10 area, August 10 low and 2018 low
Support 3:                1,194.30 March 10, 2017 low
Support 4:                1,180.62 2017 January 27 low

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