Gold Technical Analysis: Risks bear reversal despite escalating US-China trade war

• Gold is on the defensive despite escalating US-China trade tensions. The new US tariffs on $16 billion worth of Chinese goods have taken effect a few minutes ago and could invite retaliatory action from Beijing.
• A bearish doji reversal would be confirmed if the metal closes below the previous day's doji candle low of $1,192. The bearish reversal, if confirmed, would mean the corrective rally from the recent low of $1,160 has ended.

Daily chart

Current Price: $1,191

Daily HIgh: $1,196

Daily Low: $1,190

Trend: Risks bearish close below $1,192

Resistance

R1: $1,196 (session high)

R2: $1,200 (psychological hurdle)

R3: $$1,204.59 (Aug. 3 low)

Support

S1: $1,189 (100-hour MA + 200-hour MA)

S2: $1,187 (support of Aug. 21 low on the hourly chart)

S3: $1,185 (38.2% Fib R of $1,160/$1,201.58)