Gold looking for a break of the 21-D SMA at $1,227

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  • Gold remains under pressure headed for a break of 2018 lows and to crack the July 10 2017 lows while submerged by the 10-D SMA.
  • On the flipside, a break higher through the descending resistance lines will open up the case for a double bottom on a weekly basis. 
  • 1265 marks the key upside target through the 21-D SMA at 1227.

Spot rate:                   1,211.96

High:                          1,212.35
Low:                           1,210.54

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:            1,212 recent high
Resistance 2:            1,213.70 July 31 low   
Resistance 3:            1,227 (21-D SMA)
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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