Gold Technical Analysis: Small correction after Yellow Metal prints new 2018 low at $1,245.70/oz

• Gold hit a new 2018 low this Thursday at $1,245.70 a troy ounce as the metal is sliding for the fourth day in a row.
• Gold is now about $10 away from 1,236.52 December 12, 2017 swing low.  
• The 1,250.00 level along with the 50-period simple moving average should provide some resistance and a resumption of the bear trend. A breakout above 1,250.00 could lead to a correction to 1,254.23 Thursday’s high.  

Gold 15-minute chart

Spot rate:                    1,248.35

Relative change:         -0.31%

High:                           1,254.23
Low:                            1,245.70

Trend:                          Bearish

Resistance 1: 1,250.00 figure
Resistance 2: 1,254.23 Thursday’s high
Resistance 3: 1,260.00 figure  
Resistance 4: 1,264.14 Monday’s low

Support 1: 1,245.70  current 2018 low
Support 2: 1,243.92 December 3, 2017  
Support 3: 1,236.52 December 12, 2017 swing low