Gold Technical Analysis: Another opportunity for bulls to regain 1,200.00 figure

Gold is in a bear trend as it is trading below its 50, 100 and 200-period simple moving average.
Gold is trapped in a range between 1,180.00 and $1,210.00 a troy ounce. The yellow metal is currently rebounding from the 1,180.00 level and is challenging a bear trendline (red) while the RSI, MACD and Stochastics are supportive of higher prices.
If bulls keep the momentum going it can lead to the 1,200.00 figure near the SMA cluster. However, a bear breakout below 1,182.90 August 24 low would likely lead to a continuation of the bear trend.

Flavio Tosti Independent Analyst

Gold 4-hour chart

Spot rate: 1,190.00
Relative change: -0.25%
High: 1,192.41
Low: 1,184.30

Main trend: Bearish

Resistance 1: 1,189.49 September 4 low
Resistance 2: 1,194.30 March 10, 2017 low
Resistance 3: 1,204.10, August 3 swing low (key level)
Resistance 4: 1,211.17 July 19 low
Resistance 5: 1,214.30 August 28 high
Resistance 6: 1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 7: 1,225.90 July 17 low
Resistance 8: 1,237.60 July 3 swing 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

Author

Flavio Tosti

Independent Analyst

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