Gold Technical Analysis: Yellow Metal collapses to new 2018 low

• Gold broke below the 1,204.10 level, which was the former 2018 low which supported the price in the first weeks of August. Currently gold found some near-term support just above 1,194.30 March 10, 2017 low.  
• As the bear trend on gold remains intact, bears next objective become 1,180.62, January 27, 2017 low and 1,145.20 March, 1 2017 low.  
• Pullbacks to the upside could lead to  1,204.10 resistance and 1,211.17 July 19 low.  

Gold 15-minute chart

Gold daily chart

Spot rate:                   1,195.00
Relative change:        -1.33%
High:                          1,213.87
Low:                           1,194.20

Trend:                         Bearish  

Resistance 1:            1,205.50-1,204.10 area, August 10 low and 2018 low
Resistance 2:            1,211.17 July 19 low  
Resistance 3:            1,213.70 July 31 low    
Resistance 4:            1,217.89-1,220.90 area, August 6 high and July 18 low
Resistance 5:            1,223.00 consolidation area
Resistance 6:            1,225.90 July 17 low
Resistance 7:            1,232.00 consolidation area
Resistance 8:            1,236.28 July 13 low, key level
Resistance 9:            1,241.50 intraday swing low
Resistance 10:          1,245.65 June 28 low

Support 1:                1,194.30 March 10, 2017 low
Support 2:                1,180.62 January 27, 2017 low
Support 3:                1,145.20 March, 1 2017 low