Gold Technical Analysis: Gold bears keep the metal below $1,230/oz

• Earlier in the day, gold bulls tried to breakout above $1,225.90 a troy ounce but where stopped just before the 1,230.00 level.  
• Gold main trend is bearish and today the metal formed an intraday head-and-shoulder pattern, it is also trading below its 200-period simple moving averages suggesting that the current bias remain tilted to the downside.  
• A bear breakout from current levels should lead towards 1,220.90 July 18 low while a bull breakout should initially target 1,230.00.

Gold 15-minute chart  

Spot rate:                   1,224.65
Relative change:        0.02%
High:                          1,229.50
Low:                           1,218.00

Trend:                         Bearish  

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

Support 1:                1,225.90 July 17 low
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