Gold Technical Analysis: Sell-off could resume if key support at $1,181 is breached

• Gold is trading in a sideways manner in a range of $1,181 to $1,186, having dropped sharply from highs above $1,195 yesterday.
• A break below $1,181 would signal a continuation of the sell-off from the highs above $1,195 and could yield a re-test of the August low of $1,160. The 5-day and 10-day moving averages (MAs) are trending south in favor of the bears.
• Only a daily close above the 10-day MA would abort the bearish view.

15-minute chart

Current Price: $1,184

Daily High: $1,186

Daily Low: $1,182

Trend: Bearish

Resistance

R1: $1,192 (5-day moving average)

R2: $1,200 (psychological level)

R3: $1,205 (50-day moving average)

Support

S1: $1,181 (range low)

S2: $1,172 (Aug. 17 low)

S3: $1,160 (Aug. 16 low)