Gold Technical Analysis: Yellow Metal at a crossroad

Gold is keeping the consolidation theme intact for the fifth day in a row as the yellow metal is debating whether to form a double bottom with July 10, 2017 or to resume the bear trend.
Gold bears tried to breakout below Tuesday’s low but sellers have been overwhelmed by bulls who brought gold to the 1,213.70 resistance.
Bears objective is to break below 1,204.10 2018 low to extend the bear trend while bulls want a breakout above 1,236.28 July 13 low, key level in order to create a bullish reversal.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Gold daily chart

Spot rate: 1,212.79
Relative change: 0.17%
High: 1,215.86
Low: 1,206.10

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

Resistance 1: 1,213.70 July 31 low
Resistance 2: 1,220.90 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: 1,204.10 2018 low
Support 3: 1,194.30 March 10, 2017 low
Support 4: 1,180.62 2017 January 27 low

Author

Flavio Tosti

Independent Analyst

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