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Gold Technical Analysis: Intraday bull run finds resistance near $1,221.00 a troy ounce

  • Gold found buying interest at the 1,204.00 support and then shot up almost to $1,220.90 a troy ounce which is the July 18 low, resistance.
  • Gold is currently retracing the intraday boost towards the 200-period simple moving average and the 1,213.70 July 31 low.
  • Although bulls had a strong intraday bull run, the yellow metal is likely going to remain under pressure as long as it doesn’t surpass the 1,220.90 resistance.  

Gold 15-minute chart  

Spot rate:                   1,214.75
Relative change:          0.59%
High:                          1,220.20
Low:                           1,204.10

Trend:                         Bearish

Resistance 1:            1,220.90 July 18 low
Resistance 2:            1,223.00 consolidation area
Resistance 3:            1,225.90 July 17 low
Resistance 4:            1,232.00 consolidation area
Resistance 5:            1,236.28 July 13 low, key level
Resistance 6:            1,241.50 intraday swing low
Resistance 7:            1,245.65 June 28 low

Support 1:                1,211.17 July 19 low              
Support 2:                1,213.70 July 31 low
Support 3:                1,204.00 July 10, 2017 swing low
Support 4:                1,194.30 2017, March 10 low
Support 5:                1,180.62 2017 January 27 low

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