Gold Technical Analysis: Bull momentum remains intact as buyers target $1,220.00

• Gold bear trend has been losing momentum in the last two weeks as the market found a bottom at $1,172.82 a troy ounce.
• After breaking above the bull flag Gold found resistance at 1,204.10, August 3 swing low (key level). The market is currently finding support at a small bull trendline (green) while the MACD and Stochastics indicator are constructive to the upside.
• A bear breakout below 1,182.90 August 24 low would invalidate the bullish bias.

Gold 4-hour chart

Spot rate:                   1,199.40
Relative change:         0.23%
High:                          1,207.00
Low:                           1,195.30

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

Resistance 1:            1,204.10, August 3 swing low (key level)
Resistance 2:            1,211.17 July 19 low 
Resistance 3:            1,213.70 July 31 low
Resistance 4:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 5:            1,225.90 July 17 low

Support 1:            1,194.30 March 10, 2017 low
Support 2:            1,182.90 August 24 low
Support 3:            1,172.82 current 2018 low
Support 4:            1,145.20 March, 1 2017 low