Gold Technical Analysis: Attempting to breakout above $1,226.00/oz

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  • Gold had a strong bullish reaction at the $1,214.00 per ounce level gaining about $14 this Tuesday. 
  • Gold is currently facing some resistance at 1,225.90, July 17 low and at a bearish trendline from July 14. Bulls would need to breakout above those levels in order to gain extra-traction towards 1,236.28 July 13 low. 
  • Near-term supports are seen near 1,223.00 and 1,220.90 July 18 low.

Gold 15-minute chart 

Spot rate:                   1,223.94
Relative change:        0.23%
High:                          1,228.70
Low:                           1,213.70

Trend:                         Neutral / Bullish above 1,225.90

Resistance 1:            1,225.90 July 17 low
Resistance 2:            1,232.00 consolidation area
Resistance 3:            1,236.28 July 13 low, key level
Resistance 4:            1,241.50 intraday swing low
Resistance 5:            1,245.65 June 28 low

Support 1:                1,223.00 consolidation area
Support 2:                1,220.90 July 18 low
Support 3:                1,211.17 current 2018 low
Support 4:                1,204.00 July 10, 2017 swing low

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