Gold Technical Analysis: Gold finding resistance near $1225.00/oz

• Gold attempted to break out above last Friday’s high but the breakout was met with bearish pressure and the metal traded down for the most part of the day.
• Gold broke below the 200-period simple moving average and 1,225.90 support but price pulled back up and  bulls are currently trying to create a reversal above the 1,220.90 level.
• Sustained prices above 1,225.90 can lead to a retest of 1,232.00 while a failure below the level can lead to the resumption of the main bear trend towards 1,211.17, the current 2018 low.

Gold 15-minute chart  

Spot rate:                   1,224.76
Relative change:        0.56%
High:                          1,235.20
Low:                           1,222.00

Trend:                         Bearish / Bullish reversal attempt above 1225.90

Resistance 1:            1,232.00 consolidation area
Resistance 2:            1,236.28 July 13 low
Resistance 3:            1,241.50 intraday swing low
Resistance 4:            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