Gold Technical Analysis: Bears dominate the proceedings

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  • Gold’s sell-off has stalled around $1,205 – the lowest level since July 2017, possibly due to hourly relative strength index reporting oversold conditions.  
  • However, bears remain in control as indicated by the long-run bearish breakdown on the monthly chart.

Hourly chart

Current Price: $1,207

Daily High: $1,210

Daily Low: $1,206

Trend: Minor corrective rally likely, still overall bearish

Resistance

R1: $1,211 (July 19 low)

R2: $1,215 (5-day moving average)

R3: $1,220 (10-day moving average)

Support

S1: $1,205 (July 10, 2017 low)

S2: $1,200 (psychological support)

S3: $1,195 (March 10, 2017 low)

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