Gold Technical Analysis: Path of least resistance is to the downside

• The stacking order of the three major MAs (50-hour below 100-hour below 200-hour) indicates the path of least resistance is to the downside.
• However, yesterday's doji candle signaled indecision in the marketplace. Hence, today's close is pivotal.
• A short-term bull reversal would be confirmed if prices close today above previous day's high of $1,182. On the other hand, a close below $1160.37 (previous day's low) would only bolster the already bearish technical setup.  

Hourly chart

Daily chart

Current Price: $1,176

Daily High: 1,179.30

Daily Low: $1,172

Trend: Neutral

Resistance

R1: $1,182 (5-day MA)

R2: $1,191 (resistance as per the hourly chart)

R3: $1,300 (psychological hurdle)

Support

S1: $1,171.60 (session low)

S2: $1,160.06 (Aug. 16 low)

S3: $1,142 (March 2015 low)