Gold Technical Analysis: Yellow Metal at a crossroad

• Gold is keeping the consolidation theme intact for the fifth day in a row as the yellow metal is debating whether to form a double bottom with July 10, 2017 or to resume the bear trend. 
• Gold bears tried to breakout below Tuesday’s low but sellers have been overwhelmed by bulls who brought gold to the 1,213.70 resistance. 
• Bears objective is to break below 1,204.10 2018 low to extend the bear trend while bulls want a breakout above 1,236.28 July 13 low, key level in order to create a bullish reversal. 

Gold 15-minute chart

Gold daily chart

Spot rate:                   1,212.79
Relative change:         0.17%
High:                          1,215.86
Low:                           1,206.10

Trend:                         Bearish / Double bottom attempt with 1,204.00 July 10, 2017  

Resistance 1:            1,213.70 July 31 low   
Resistance 2:            1,220.90 July 18 low
Resistance 3:            1,223.00 consolidation area
Resistance 4:            1,225.90 July 17 low
Resistance 5:            1,232.00 consolidation area
Resistance 6:            1,236.28 July 13 low, key level
Resistance 7:            1,241.50 intraday swing low
Resistance 8:            1,245.65 June 28 low

Support 1:                1,211.17 July 19 low 
Support 2:                1,204.10 2018 low
Support 3:                1,194.30 March 10, 2017 low
Support 4:                1,180.62 2017 January 27 low