Gold Technical Analysis: There is room for a drop to 1,183.00 level

• Gold bear trend has been slowing down in the last two weeks as the market has found a bottom at 1,172.82. 
• Gold is trading below its 50, 100 and 200-day simple moving averages while the RSI is below 50, all suggesting that the Yellow Metal has room to fall to 1,182.90 (August 24 low). 
• A bull breakout above 1,204.10 (August 3 swing low and key level) would invalidate the bearish bias.

Gold daily chart

Spot rate:                   1,191.68
Relative change:         -0.78%
High:                          1,202.03
Low:                           1,189.49

Trend:                         Bearish 

Resistance 1:            1,194.30 March 10, 2017 low
Resistance 2:            1,204.10, August 3 swing low (key level)
Resistance 3:            1,211.17 July 19 low 
Resistance 4:            1,213.70 July 31 low
Resistance 5:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 6:            1,225.90 July 17 low

Support 1:            1,182.90 August 24 low
Support 2:            1,172.82 current 2018 low
Support 3:            1,145.20 March, 1 2017 low