Gold Technical Analysis: Yellow Metal jumps to levels not seen since July 2018

Gold is trading in a bull trend above the 200-period simple moving average as it rising near levels not seen since July this year.
The metal is challenging 1,237.60 (July 3 swing low) as the 50, 100 and 200-period simple moving averages are widening and rising. The RSI, MACD and Stochastic indicators are also bullish and suggesting more gains ahead.
A break of 1,237.60 is needed for gold to reach 1,250.00 figure.

Flavio Tosti Independent Analyst

Gold 4-hour chart

Rate: 1,234.60
Relative change: 1.04%
High: 1,239.90
Low: 1,221.40

Main trend: Bullish

Resistance 1: 1,237.60 July 3 swing low
Resistance 2: 1,250.00 figure
Resistance 3: 1,265.90 July high

Support 1: 1,220.90 July 18 low
Support 2: 1,211.17 July 19 low
Support 3: 1,204.10, August 3 swing low (key level)
Support 4: 1,182.90 August 24 low
Support 5: 1,172.82 current 2018 low

Author

Flavio Tosti

Independent Analyst

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