- Gold is under pressure headed for a break of 2018 lows and to crack the July 10 2017 lows.
- On the flipside, a break higher through the descending resistance lines will open up the case for a double bottom on a weekly basis.
Spot rate: 1,208.63
High: 1,208.98
Low: 1,207.22
Trend: Bearish with breakouts at 1,204.00 July 10, 2017, and 1,220 on the upside through descending resistance lines and then 1,235.20 to confirm a double bottom.
Resistance 1: 1,211.17 July 19 low
Resistance 2: 1,213.70 July 31 low
Resistance 3: 1,220.90 July 18 low
Resistance 4: 1,235.20 July 26 high
Support 1: 1,204.00-1,204.10 July 10, 2017 swing low-2018 low
Support 2: 1,194.30 March 10, 2017 low
Support 3: 1,180.62 2017 January 27 low
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