- Gold seems set to end the day near $1,223.00/oz, which was a consolidation area last Friday suggesting that the market is pretty much in equilibrium.
- Bears need to breakout below 1,220.90 July 18 low, in order to confirm the bearish bias while bulls need a breakout above the 1,225.90 level.
- Gold is currently finding dynamic support at the 100 and 50-period simple moving averages.
Gold 15-minute chart
Spot rate: 1,223.10
Relative change: 0.03%
High: 1,225.10
Low: 1,218.89
Trend: Bearish to neutral
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