Gold Technical Analysis: Yellow Metal falling fast from daily highs and breaking below $1,230.00/oz

• Gold is trading in a bull trend above its 200-period simple moving average (SMA) on the 4-hour chart.
• Gold is retreating from daily highs and testing the 50 and 100 SMA as it broke below $1,230.00 a troy ounce. The RSI, MACD and Stochastic are decelerating suggesting further losses ahead.
• The next objective for bears is likely located near 1,220.90 (July 18 low).

Gold 4-hour chart

Main trend:                 Bullish

Resistance 1:            1,237.60 July 3 swing low
Resistance 2:            1,250.00 figure
Resistance 3:            1,265.90 July high
Resistance 4:            1,300.00 figure

Support 1:            1,220.90 July 18 low
Support 2:            1,211.17 July 19 low 
Support 3:            1,204.10, August 3 swing low (key level)
Support 4:            1,182.90 August 24 low
Support 5:            1,172.82 current 2018 low

Additional key levels at a glance: