Gold Technical Analysis: Yellow Metal bulls reversing daily losses and retaking $1,225.00/oz

• Gold traded as low as $1217.30 a troy ounce and then reversed its daily losses to now trade in the $1225.00-1,226.00 area.
• Gold formed a double bottom with Tuesday’s low and is currently struggling to overcome the 200-period simple moving average. However, given the current context, it can be expected that bulls would gain some ground in the coming sessions. Resistances are lying near 1,232.00 consolidation area and 1,236.28 July 13 low, key level. Support can be seen near 1,223.00 consolidation area and 1,220.90 July 18 low.

Gold 15-minute chart

Spot rate:                   1,225.80
Relative change:        0.28%
High:                          1,227.50
Low:                           1,217.30

Trend:                         Bearish / Bullish pullback

Resistance 1:            1,225.90 July 17 low
Resistance 2:            1,232.00 consolidation area
Resistance 3:            1,236.28 July 13 low, key level
Resistance 4:            1,241.50 intraday swing low
Resistance 5:            1,245.65 June 28 low
 
Support 1:                1,223.00 consolidation area
Support 2:                1,225.90 July 17 low
Support 3:                1,220.90 July 18 low
Support 4:                1,211.17 current 2018 low
Support 5:                1,204.00 July 10, 2017 swing low