Gold Technical Analysis

: Bull flag can send Yellow Metal up to 1,220.00 a troy ounce

5 September 2018, 20:31

•Gold bear trend has been losing steam in the last two weeks as the market has found a bottom at 1,172.82.
•Gold is evolving in a bull flag. The market is also coiling around a flat 100-period simple moving average on the 4-hour chart while the RSI, MACD and Full Stochastics indicators are all gaining bullish traction suggesting higher prices ahead.
•A bear breakout below 1,182.90 August 24 low would invalidate the bullish bias.

Gold 4-hour chart

Spot rate: 1,195.67
Relative change: 0.37%
High: 1,198.41
Low: 1,190.60

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

Resistance 1: 1,194.30 March 10, 2017 low
Resistance 2: 1,204.10, August 3 swing low (key level)
Resistance 3: 1,211.17 July 19 low
Resistance 4: 1,213.70 July 31 low
Resistance 5: 1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 6: 1,225.90 July 17 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