- 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.
Gold daily chart
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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
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