Gold is keeping below the $1800 mark and is currently trading at $1794. The intraday support levels are at $1787 and $1779. The near-term resistance areas are at $1803 and $18013.
Yesterday’s closing has formed a Doji candlestick which is likely the indication of uncertainty. However, the technical outlook remains bearish until the yellow metal closes above $1813. The SMA-14 resistance line is at $1835 and the SMA-50 is indicating support at $1789. The mid-Bollinger band is at $1822 while the upper and lower bands are at $1885 and $1758 respectively. Based on the intraday price pattern and analyzing the nearby resistance areas, gold is ideal for selling entries around $1800 with a targt of $1788 and a stop-loss at $1814
An intraday closing below $1788 is needed for the bears to extend the downside. On the upside, closing above the $1800 will once again bring the bulls back into the game.