Gold Technical Analysis: Could revisit 2018 low of $1,211

• Gold's (XAU/USD) hourly chart shows a downside break of the rising wedge-like pattern, meaning the corrective rally, as represented by the upside break of the falling trendline, has ended and the 2018 low of $1,211 has ended.
• The hourly RSI remains below 50.00 in favor of the bears.

Hourly chart

Current Price: $1,224

Daily High: $1,224.75

Daily Low: $1,222.20

Trend: Bearish

Resistance

R1: $1,227 (10-day moving average)

R2: $1,235 (previous day's high)

R3: $1,238 (July 3 low)

Support

S1: $1,222.40 (previous day's low)

S2: $1,218.30 (July 24 low)

S3: $1,211 (July 19 low)