Gold Technical Analysis: Gold bulls getting ready for more traveling north

Gold bear trend is on hold for the fifth week in a row as the market is grinding higher.
The 50, 100 and 200-period simple moving averages are coiled together while Gold is in consolidation mode. The RSI, MACD and Stochastics indicators are bullish as buyers consider the consolidation phase as a bull flag while the market holds above 1,189.49 (September 4 low). Nothing indicates that the bullish momentum should abate anytime soon. Bulls target might be located near 1,225.90 (July 17 low).
A break below 1,189.49 (September 4 low) should invalidate the bullish bias.

Flavio Tosti Independent Analyst

Gold 4-hour chart

Spot rate: 1,207.50
Relative change: 0.29%
High: 1,208.45
Low: 1,201.34

Trend: Bearish
Short-term trend: Bullish above 1,182.90

Resistance 1: 1,211.17 July 19 low
Resistance 2: 1,214.30 August 28 high
Resistance 3: 1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 4: 1,225.90 July 17 low
Resistance 5: 1,237.60 July 3 swing low

Support 1: 1,204.10, August 3 swing low (key level)
Support 2: 1,194.30 March 10, 2017 low
Support 3: 1,189.49 September 4 low
Support 4: 1,172.82 current 2018 low
Support 5: 1,145.20 March, 1 2017 low

Author

Flavio Tosti

Independent Analyst

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