Gold Technical Analysis: Yellow Metal in consolidation mode near 2018 low

• Gold is trading inside Monday’s range as the yellow metal has entered a consolidation phase after the drop of the recent weeks.
• The main support to break for bears will be the 1,204.10, 2018 low in order to target 1,194.30 March 10, 2017 low. On the flip side bulls will try to create a double bottom with 1,204.00 July 10, 2017 low.
• Gold should remain under pressure as long as it stays below 1,225.90 July 17 low.

   Gold 15-minute chart

Spot rate:                   1,210.16
Relative change:          0.23%
High:                          1,211.93
Low:                           1,207.45

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

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:            1,223.00 consolidation area
Resistance 5:            1,225.90 July 17 low
Resistance 6:            1,232.00 consolidation area
Resistance 7:            1,236.28 July 13 low, key level
Resistance 8:            1,241.50 intraday swing low
Resistance 9:            1,245.65 June 28 low

Support 1:                1,204.10 2018 low
Support 2:                1,194.30 March 10, 2017 low
Support 3:                1,180.62 2017 January 27 low