Gold Technical Analysis: double bottom on the cards if $1,204 holds daily closes

• Gold is under pressure headed for a break of 2018 lows and to crack the July 10 2017 lows. 
• On the flipside, a break higher through the descending resistance lines will open up the case for a double bottom on a weekly basis. 

Spot rate:                   1,208.63

High:                          1,208.98
Low:                           1,207.22

Trend:                         Bearish with breakouts at 1,204.00 July 10, 2017, and 1,220 on the upside through descending resistance lines and then 1,235.20 to confirm a double bottom. 

Resistance 1:            1,211.17 July 19 low 
Resistance 2:            1,213.70 July 31 low   
Resistance 3:            1,220.90 July 18 low
Resistance 4:            1,235.20 July 26 high
 

Support 1:                1,204.00-1,204.10 July 10, 2017 swing low-2018 low
Support 2:                1,194.30 March 10, 2017 low
Support 3:                1,180.62 2017 January 27 low